USA yields rise before Yellen speech, two-year supply

US pre-open: Stocks to nudge higher but Nike seen weak after mixed Q1

Hong Kong's Hang Seng index rose 0.5 percent to 27,662.57.

"With gradual adjustments in monetary policy, inflation will stabilize at around the FOMC's (Federal Open Market Committee) 2 percent objective over the next few years, accompanied by some further strengthening in labor market conditions", she said.

The price action in the dollar and Treasury markets suggests that investors interpreted her comments to mean that soft inflation readings do not have a big bearing on Fed monetary policy.

-The Bloomberg Dollar Spot index gained 0.3 percent to the highest since August.

US POLITICS WATCH: House Republicans and the Trump administration officials are due to give details of the plans for a long-awaited tax proposal on Wednesday, which are expected to reduce individual and corporate tax rates. Investors were also cautious to hear whether the United States tax overhaul plan announced later today would be Trump's first major legislative achievement since his election, a day after his proposals to repeal Obamacare failed to pass yet again.

The US dollar appreciated overnight following Federal Reserve Chairwoman Janet Yellen's hawkish tone on rates, prompting renewed suggestions that a December move (to increase rates) was on the cards.

"As we saw with the German elections, the populist undercurrent is still there in Europe", Charles Diebel, head of rates at Aviva Investors on London, said in an interview with Bloomberg TV's Mark Barton.

Also scheduled for release at 10:00 a.m. ET is a report on USA consumer confidence, which is expected to show it fell to 120 in September from 122.9 in August.

Gold is highly sensitive to rising USA interest rates, as they increase the opportunity cost of holding non-yielding bullion versus the dollar.

Ten-year yields climbed seven basis points to an eight-week high of 2.30 percent, also pushed higher by the prospect of tax cuts that could increase federal borrowing, analysts said. In a speech to the National Association for Business Economics event in Cleveland, Yellen cautioned against moving too slowly on raising interest rates and said that a slow-go approach could lead to inflation problems down the road.

Strong U.S. data on durable goods orders also pressured gold, Melek said.

-The MSCI Emerging Market index sank 0.8 percent to the lowest in more than a month.

The Euro-to-Dollar rate pared a 0.68% loss overhanging from the London session to trade just 0.52% down at 1.1794. The euro fell to $1.1788 from $1.1791.

OIL: Benchmark U.S. crude rose 24 cents to $52.12 per barrel on New York Mercantile Exchange.

The greenback broke out to over a 2-month high of Y113.229 against the Japanese Yen Wednesday morning, but has since pulled back to around Y112.700.

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