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The dollar rose against major currencies on Tuesday (March 30th) and rose to a one-year high against the yen as the acceleration of COVID-19 vaccinations and plans for massive stimulus packages in the United States fueled inflation expectations and Treasury yields.
The safe-haven dollar was generally supported as investors understood the fallout from the collapse of the highly leveraged investment fund Archegos Capital.
The dollar index rose above the level of 93, and increased in recent transactions about a quarter of percent to 93.122, the highest level in four months.
The dollar also crossed 110 yen, a level not seen since March of last year. The dollar is thus on the path to achieving its best monthly performance since late 2016 with the end of the Japanese fiscal year this month, which led to an increase in demand for the dollar.
US 10-year Treasury yields rose to their highest in 14 months on Tuesday, one day before US President Joe Biden is due to explain how to finance an infrastructure plan worth between three and four trillion dollars.
The euro weakened during the day to $1.17335, its lowest level since November.
