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India virus surge dents demand for risk assets

The kiwi and loonie have been trending higher in European trading. Conversely, the single European currency is nursing earlier losses.  EURUSD ticked down beneath the 1.20 handle to 1.1999. The US dollar has drawn support from a moderate rise in US Treasury yields as well as an upward spike in Covid cases in India.

The British pound rate fell to 1.3910. The decline stalled after the release of UK CPI data, which showed that the general consumer price index rose by 0.3% Mom in March and 0.7% YoY vs. the forecast of 0.3% MoM and 0. 8% YoY.

The decline in the EURUSD and GBPUSD pairs is temporary. 10-year UST yields decreased to 1.56%. Market participants are watching the 1.55% level. If it fails to hold, the dollar will continue to weaken. In this case, major currencies will retrace to Monday highs.

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