The dollar was mixed in N.Y. trade on Tuesday, edging lower versus the euro, rallying against the GBP and CAD, while largely trading sideways versus the yen. Risk-off was the order of the day, largely led by plunging oil prices. OPEC bickering on whether or not oil production would be frozen was the driver there. Saudi Arabia thinks maybe a freeze (but no production cuts), while Iran said the idea of freezing output was ridiculous, laughable, and a joke. Not surprisingly, WTI crude fell 5% to near $31.50. This ultimately dragged equities and yields lower.
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