The U.S. dollar was near a 38-year high against the yen on Tuesday, driven by a surge in Treasury yields and speculation about a potential second term for Donald Trump. The euro remained strong as French political parties united to prevent the far-right National Rally from gaining power. Asian equities were mixed, while crude oil prices increased after a strong rally. Federal Reserve Chair Jerome Powell’s speech at an event by the European Central Bank will shed light on U.S. monetary policy. The dollar was at 161.56 yen, close to a high not seen since 1986. U.S. yields rose due to expectations of a Trump presidency, leading to higher tariffs and government borrowing. The euro held steady against the dollar, while Asian stocks had a mixed performance. Crude oil prices rose as the summer driving season began. Brent futures were at $86.78 per barrel, and WTI crude at $83.49.
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