The EUR/USD rose to 1.0928, reaching the highest level since last Thursday, and then pulled back. The Euro holds a bullish tone but remains unable to break above 1.0930.
The short-term technical bias favors the Euro, particularly while above 1.0900. Below, the next support stands at 1.0880. Above daily highs, more gains seem likely, but the common currency faces many horizontal levels until 1.0955.
DXY down, yields up
The US Dollar Index is falling on Tuesday, erasing most of Monday's gains. The DXY is approaching 102.00 and is ending a 4-day positive streak.
Federal Reserve (Fed) Bank of New York President John Williams said on Tuesday that they need to stay in "data-dependent mode," and added that if inflation comes down, they will have to lower interest rates.
US yields are modestly higher on Tuesday, with the 10-year Treasury yield at 3.43% and the 2-year at weekly highs at 4.04%. European yields are also higher, as market participants fully price in a 25 basis point rate hike from the European Central Bank at their next meeting in May.
Data from the Eurozone showed a decline of 0.8% in Retail Sales in March, in line with expectations. With no relevant reports from the US om Tuesday, the focus is on the Consumer Price Index due on Wednesday.
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