The dollar was up on Tuesday morning in Asia, but gains were capped by expectations that already-surging commodity prices will rise further.
Wall Street closed lower on Monday as inflation jitters drove investors away from market-leading growth stocks in favor of cyclicals, which stand to benefit most as the economy reopens.
Asian shares declined in early trade on Tuesday as Wall Street retreated on worries about accelerating inflation, prompting investors to cut back on their exposure to growth-focused stocks on bets of higher interest rates in the not-too-distant future.
Oil was up Monday morning in Asia, as efforts continue to restore production after top U.S. fuel pipeline operator Colonial Pipeline Co. was hit by a cyber-attack during the previous week.
The dollar languished near a more than two-month low versus major peers on Monday as investors continued to assess the implications for monetary policy of a disappointing U.S. employment report, ahead of inflation data this week.
Gold was up on Monday morning in Asia, remaining close to a three-month high. Investors are now betting that interest rates will stay low for a while thanks to a disappointing U.S. monthly job report released on Friday.