The dollar was up on Wednesday morning in Asia, rising to a fresh one-year high against the yen over investor bets that fiscal stimulus and an aggressive vaccine rollout will help the U.S. lead a global economic recovery from COVID-19.
Oil prices rose on Wednesday, paring overnight losses a day ahead of a meeting of OPEC and its allies, with investors betting the producers will largely agree to extend their supply curbs into May.
Gold was down on Wednesday morning in Asia, ending March on a lower note as China reported faster-than-expected growth in its factory activity and U.S. Treasury yields climbed.
The S&P 500 huffed and puffed Tuesday, but ultimately struggled to cut its losses as megacap tech couldn’t find a way to return to the top of the list of fashionable investing despite a slip in U.S. bond yields.
Asian stocks were on track for their first monthly loss since last October though markets were up on Wednesday and the U.S. dollar stood tall as investors focused on growing signs of a sure-footed global economic recovery.
The dollar climbed to a one-year high against the yen on Tuesday amid a spike in Treasury yields, as accelerating vaccinations and massive stimulus in the U.S. stoked inflation concerns.