The euro managed to bounce from fresh multi-week lows registered around 1.1835
Global stocks are mixed-to-lower on Tuesday, as investors continue to keep a cautious tone after the recent surge in US Treasury yields. Meanwhile, the safe-haven demand for the dollar has eased slightly in recent trading amid recovery attempts in the US stock index futures.
Following mixed trading in Asia, European equities opened marginally lower following a rally seen on Monday when the pan-European Stoxx 600 closed up 2.2%. Cautious optimism is expressed amid expectations of a passage of a $1.9-trillion coronavirus relief bill in the United States. Biden is expected to sign the bill before key unemployment programs expire on Sunday. Meanwhile, the U.S. 10-year Treasury yield pulled back from 1.6% to settle at around 1.55% by morning trading in Europe.
As the dollar retreats marginally on Tuesday, the euro managed to bounce from fresh multi-week lows registered around 1.1835 earlier in the day. Still, the EURUSD pair lacks recovery momentum to get back above the 1.1900 figure. It looks like the common currency could regain this immediate barrier in the short term if risk sentiment continues to improve ahead of the opening bell in Wall Street.
Meanwhile, gold prices turned positive on Tuesday following the recent losing streak. The precious metal surged to the $1,700 region, a daily close above which would mark some improvement in the short-term technical picture. However, the overall tone surrounding the bullion remains negative as dollar bulls continue to set the sentiment towards the precious metal.
Elsewhere, bitcoin price has been rising for the third day in a row on Tuesday. BTCUSD has surged past the $50,000 figure and the 20-DMA, now targeting the $55,000 area. Once above this level, the digital currency will shift focus to all-time highs registered last month above the $58,000 figure. On the downside, the mentioned $50,000 area now represents the key immediate support.