LONDON, May 4 (Reuters) - The U.S. dollar extended gains on Tuesday, partially unwinding a month-long decline as risk appetite faded with investors awaiting upcoming data and policy speeches for clues.
With major stock indices treading water and bond yields firming slightly, the dollar’s safe-haven appeal received a further boost in London trading.
“The dollar is trading generally firmer, reflecting a mild bout of risk aversion across assets,” Scotiabank strategists said in a daily note.
Tuesday’s bounce reversed losses sustained on Monday after a disappointing U.S. manufacturing survey report, leaving it 1% above a one-month low struck last week.
Hedge funds boosted their position in petroleum for the third week running, confirming increasing confidence over rising prices for the rest of the year.
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