What do you believe is the single most important factor driving up the cost of living in Nigeria?

A Chinese 100 yuan banknote, a 1 U.S. dollar bill and a 50 euro banknote are lying on a table.

The dollar edged higher on Tuesday and major currencies traded sideways as lingering concerns over tensions in the Middle East partially offset investors' optimism for imminent U.S. interest rate cuts.

Geopolitical risks kept early currency moves subdued, though fears of an escalating conflict following Israel and Hezbollah's major missile exchange over the weekend petered out.

The yen was last 0.2% lower at 144.82 per dollar, giving up some of its safe haven gains from the previous session which saw it rise to a three-week high of 143.45 per dollar.

The euro and sterling dipped slightly to $1.1161 and $1.3182, respectively, though both weren't far from their recent multi-month highs.

The Canadian dollar was little changed at 1.3487 per U.S. dollar, having scaled a five-month peak overnight as oil prices surged.

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