U.S. Dollar Falls As Inflation Data In Focus
(RTTNews) - The U.S. dollar was lower against its most major counterparts during the European session on Tuesday, as investors awaited U.S. inflation data for more clarity on the rate outlook.
The CPI data due on Wednesday is expected to show a sharp slowdown in price pressures in March.
Inflation is expected to ease to 5.2 percent year-on-year in March from 6 percent in the previous month.
The minutes from the Fed's March meeting are likely to reveal whether the scope of pause in rate rises is close.
The benchmark yield on the 10-year note fell to 3.391 percent. Yields move inversely to bond prices.
The greenback dropped to 132.99 against the yen and 0.9037 against the franc, off its early highs of 133.68 and 0.9095, respectively. The next possible support for the greenback is seen around 128.00 against the yen and 0.89 against the franc.
The greenback fell to 4-day lows of 1.2447 against the pound and 1.0917 against the euro, from its early highs of 1.2378 and 1.0853, respectively. The greenback is seen finding support around 1.27 against the pound and 1.11 against the euro.
The greenback was down against the loonie, at a 4-day low of 1.3481. If the greenback drops further, it may find support around the 1.32 area.
The greenback reversed from an early high of 0.6633 against the aussie and weakened to 0.6679. The greenback is likely to challenge support around the 0.69 level.
In contrast, the greenback rebounded against the kiwi, with the pair trading at 0.6216. On the upside, 0.60 is likely seen as the next resistance level.
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