Asia markets were set for a higher open on Tuesday despite the Dow and the Nasdaq stumbling amid a decline in tech shares.

SPI futures in Australia traded at 5,874, which was only a touch lower than the benchmark ASX 200’s previous finish at 5,886.

Meanwhile, Nikkei futures in Chicago traded at 22,230 while Osaka futures were at 22,210. The Japanese index last closed at 22,088.04.

The overnight session was marked by “further strength” in the dollar, rises in bond yields and volatility in commodity prices, according to one analyst.

“The dollar has been on a further tear, taking up in Europe where the trading mood ended last week,” David de Garis, director for economics and markets at the National Australia Bank, wrote in a morning note.

The dollar index, which measures the greenback against a basket of currencies, last traded at 90.946, up from levels below 89.500 in the previous week. The index had “been testing its highs for this year seen in the earlier part of January,” de Garis said. “It’s been a yield driven story, with rises in U.S. yields along the curve.”

He added that the market was pricing toward three rate hikes from the U.S. Federal Reserve this year.

In currency pairs, the Japanese yen traded at 108.7 to the dollar, and the Australian dollar fetched $0.7605 as of 6:43 a.m. HK/SIN, declining from levels above $0.777 in the previous week.

Elsewhere, oil prices rose overnight with U.S. crude climbing 24 cents to $68.64 a barrel. Global benchmark Brent was up 65 cents, or 0.9 percent, at $74.71.

“Crude prices are now sitting at the highest levels in three years, reflecting ongoing concerns around geopolitical tensions in the Middle East, which is the source of nearly half of the world’s oil supply,” Giulia Specchia from ANZ Research wrote in a morning note.

Higher energy prices were also supported by a decline in inventories at the Cushing, Oklahoma storage hub for U.S. crude, according to Reuters.

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