Greenback claws back some losses as traders look to American data
On Tuesday, the greenback clawed back some losses, as Italian political woes weighed on the common currency, though the major American currency remained shy of recent peaks after American Treasury yields stepped back from multi-month peaks.
Volatile crude prices ahead of this week's crude producers' gathering kept traders’ risk appetite in check. On Wednesday, the OPEC is going to gather in Vienna to discuss a planned production cut in an attempt to tame a supply glut.
Political risks helped to drag down the common currency from its nearly two-week peak of $1.0686 hit overnight. Last it was worth $1.0599, descending 0.2% from late Monday's North American levels.
Concerns about Italy's banking system have been circulating ahead of a December 4 referendum on constitutional reform, which could potentially unseat the government of Prime Minister Matteo Renzi.
The greenback ascended 0.1%, hitting 111.99 yen, off its overnight minimum of 111.35, though below an 8-month peak of 113.90 reached on Friday.