US Dollar weakens against its major rivals following the Easter holiday.
EUR/USD holds above key support despite the latest pullback.
March CPI data from US could significantly impact US Dollar’s valuation.
The US Dollar (USD) stays on the back foot on Tuesday and weakens against its major rivals as investors gear up for the highly anticipated March Consumer Price Index (CPI) data from the US. The US Dollar Index, which closed the previous four trading days in positive territory, retreats toward 102.00, reflecting the lack of demand for the currency.
Ahead of the weekend, the USD gathered strength as investors started to price in a 25 basis points (bps) US Federal Reserve (Fed) rate hike in May on the back of the upbeat March jobs report. With trading conditions normalizing after a long weekend, however, US Treasury bond yields started to push lower, making it difficult for the USD to continue to outperform its peers. Moreover, the improving risk mood seems to be putting additiona
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