By Lisa Twaronite, MarketWatch
TOKYO (MarketWatch) -- The dollar got an early lift against major rivals in Asian trading Tuesday as U.S. Treasury yields rose, but the gains unraveled by the afternoon.
The yield on the benchmark 10-year U.S. Treasury note -- which moves inversely to its price -- reportedly hit a 4-month high of 3.702% in early Tokyo trading, which attracted dollar buyers.
"The dollar continued to enjoy a firmer tone as U.S. yields traded at four-month highs, which encouraged more dollar buying interest," wrote analysts at Action Economics.
But the dollar index (DXY 77.92, -0.12, -0.15%) , which tracks the U.S. unit against a trade-weighted basket of six major counterparts, recently edged down to 77.921, compared with 78.056 in late North American trading on Monday.
The euro traded at $1.4318, up from $1.4278 late Monday, while the British pound changed hands at $1.6090, up from $1.6042.
The dollar was buying 91.13 Japanese yen, compared with 91.11 late Monday.
On Monday, the dollar continued an upward move against major rivals throughout a thin trading session, fueled by hopes of continuing improvement in the economy ahead of U.S. data reports this week.
