SINGAPORE (REUTERS)
The US dollar held its ground on Tuesday, oil prices climbed higher and worried investors that interest rates may need to stay higher to tackle inflationary pressures.
With the crucial Strait of Hormuz staying largely closed, Brent crude futures were up 0.3% at $104.55 a barrel. US West Texas Intermediate was at $98.17 per barrel, up 0.13% on the day.
The currency market was muted to start the Asian session, with focus shifting to Trump's visit to China later this week. US Treasury Secretary Scott Bessent is also in Asia for meetings in Japan and South Korea.
The euro last bought $1.1775, while sterling was at $1.3602, both steady on the day.
The dollar index, which measures the US currency against six others, was at 97.98.
The yield on benchmark US 10-year notes was steady at 4.418% in Asian hours, after gaining 4.8 basis points on Monday.
The Japanese yen was last at 157.30 per US dollar, steady on the day as traders watch out for comments from Bessent on the yen and Japan's monetary policy.
The Australian dollar was 0.14% lower at $0.724 ahead of the federal budget release, while the New Zealand dollar eased 0.07% at $0.5959. Bitcoin was last down 0.3% at $81,551 in early trading.