(MENAFN- FxPro) The dollar remained softer against the other major currencies on Tuesday, one day after a steep decline against the euro, which was boosted by rising bund yields and robust German economic data.
EUR/USD was up 0.23% to 1.1319 from 1.1290 late Monday. The pair ended that session up 1.71%.
The euro moved higher on Monday as German 10-year bund yields rose. German bund yields act as benchmarks for European financial markets and higher yields push the euro higher against the dollar. Yields rise as prices fall.
The single currency received an additional boost as above forecast data on German's trade surplus and industrial output indicated that the euro zone's largest economy is regaining momentum after a lackluster first quarter.
But sentiment on the single currency remained fragile as a standoff between Greece and its lenders continued.
German Chancellor Angela Merkel warned Monday that "there isn't much time left" to reach an agreement on a cash-for-reforms deal needed to unlock more financial aid before the country runs out of money.
Athens delayed a key debt payment to the International Monetary Fund on Friday, saying it would repay the money along with other payments due this month by the end of June.
The dollar slipped lower against the yen, with USD/JPY easing to 124.27, pulling further back from the 13-year highs of 125.84 struck on Friday after a robust U.S. jobs report bolstered expectations that the Federal Reserve will hike interest rates later this year.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was at 95.15, not far from overnight lows of 94.86.
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