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U.S. Dollar Rises as Crude Oil Falls

NEW YORK ( TheStreet) -- The U.S. dollar regained some strength against the Chinese yuan Tuesday after China's central bank set a stronger central parity rate and oil prices retreated.

The Chinese yuan was trading sideways at 6.5527 per dollar Tuesday, after hitting a 17-year high of 6.5628 per dollar Monday. The Market Vectors Chinese Renminbi/USD ETN (CNY) fell 0.2% to $40.30 at the market close, while the PowerShares DB US Dollar Index Bullish (UUP) rose 0.4% to $22.06.

On Tuesday, the Chinese central government set its central parity rate at 6.5687, up from Monday's historical-low of 6.5651. The yuan fell against the U.S. dollar as the reference rate strengthened.

As the U.S. dollar gained strength, oil prices dipped. Light, sweet crude for April delivery fell 42 cents to settle at $105.02 per barrel.

The euro was slipping 0.5% against the dollar at $1.39, while the U.K. pound sterling was 0.3% weaker at $1.6157. CurrencyShares Euro Trust (FXE) fell 0.6% to $138.42 and CurrencyShares British Pound Sterling Trust (FXB) inched down 0.3% to $160.56.

"The U.S. dollar is paring some its recent losses, against the majors and most emerging markets as well, stemming in part from a technical correction and yesterday's reminder that the euro zone's debt crisis is not yet resolved," said Chandler.

On Monday, rating agency Moody's took Greece's credit rating down by three notches, worsening its junk-status.

Meanwhile, the U.K. pound sterling was unable to break past the $1.635 level, according to Chandler.

Oil plays most settled lower Tuesday.

BP (BP - Get Report) fell 0.7% to $47.81, Chevron (CVX - Get Report)rose 0.7% to $103.77 and Exxon Mobil (XOM - Get Report) lost 0.1% to $84.60.

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-- Written by Andrea Tse in New York.

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CNY $42.90 0.12%
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