The dollar edged up against the euro and yen in Asian trade Tuesday as investors turn their attention to a possible US Federal Reserve interest rate hike after Greece and its creditors finally agreed a bailout deal.

The dollar edged up against the euro and yen in Asian trade Tuesday as investors turn their attention to a possible US Federal Reserve interest rate hike after Greece and its creditors finally agreed a bailout deal to keep it in the eurozone.

After 17-hour talks, Greek Prime Minister Alexis Tsipras accepted a series of tough reforms in exchange for new financing that will enable the country to pay its bills and avert an exit from the eurozone.

The euro dipped to $1.0995 from $1.1004 in New York late Monday, while the greenback climbed to 123.51 yen from 123.45 yen.

Moreover, the single European currency gained to 135.89 yen from 135.84 yen.

In the moments after the deal was announced Monday, the euro jumped to nearly $1.12 before falling back.

"Any reduction in concerns over Greece may simply clear the way for the Fed to begin raising US interest rates sooner and further than the markets currently anticipate," Capital Economics said in its client's note.

Federal Reserve chief Janet Yellen said last week that the central bank will likely begin raising interest rates before the end of 2015.