US Treasurys lower on geopolitical fears; Yellen speech in focus

US Treasurys lower on geopolitical fears; Yellen speech in focus”

The yen made sharp gains versus the greenback on Monday after the North Korean foreign minister said President Donald Trump had declared war on the country and that Pyongyang reserved the right to take countermeasures, including shooting down USA bombers even if not in its air space.

"What is Trump going to do: Is he going to escalate or will he rein it in?"

The White House spokeswoman said at a press briefing that the United States had not declared war on North Korea and to suggest that is "absurd".

A stronger US dollar weighed on emerging market stocks .MSCIEF , which lost 1.27 percent, the most in over four months.

German Chancellor Angela Merkel, who won a fourth term in elections on Sunday but now faces a tough juggling act to form a government with other parties, on Monday struck a note of caution with respect to French calls for fiscal union. The U.S. Dollar Index edged up by 0.58 percent to 92.86 as of 1822 GMT. "There is some uncertainty (over that) in the market now against the background of the German elections".

The Japanese yen strengthened 0.29 percent versus the greenback at 111.66 per dollar, while Sterling was last trading at $1.3469, down 0.16 percent on the day.

The euro has been one of the best performing currencies against the greenback this year, having gained more than 13 percent against the dollar.

The U.S. dollar also benefited from a New Zealand election which left the ruling National Party short of the necessary votes to rule without forming a coalition.

US crude CLc1 rose 2.96 percent to $52.16 per barrel and Brent LCOc1 was last at $58.63, up 3.92 percent on the day.

Gold held steady on Tuesday after rising more than 1% in the previous session, supported by safe-haven demand amid rising tension surrounding North Korea and as the dollar eased from near three-week highs.

"The dollar tends to fall on flare-ups in North Korean-related matters, but whether the Federal Reserve can hike interest rates in December as they projected still remains the ultimate decider (of dollar direction)", said Shin Kadota, senior strategist at Barclays in Tokyo.

Benchmark 10-year notes US10YT=RR last rose 12/32 in price to yield 2.2216 percent, from 2.262 percent late on Friday.

The 30-year bond last rose 20/32 in price to yield 2.7654 percent, from 2.796 percent late on Friday.

Spot gold was almost unchanged at $1,310.61/oz at 3.39am GMT, not far from Monday's high of $1,311.50, when it marked its biggest intraday percentage gain since September 7.

The most active gold contract for December delivery rose 14 dollars, or 1.08 percent, to settle at 1311.50 dollars per ounce.

Palladium rose 0.5% to $914.70/oz.

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