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The U.S. dollar gained ground against its major counterparts in the Asian session on Tuesday, as the faster vaccine rollout and the prospect of more stimulus measures sent U.S. treasury yields higher.

President Joe Biden is set to outline his infrastructure spending plan on Wednesday in Pittsburgh.

The economic package worth about $3 billion will be split into two parts, with the first one focused primarily on transportation and other infrastructure.

U.S. bond yields jumped amid continued expectations for a swift economic recovery in the wake of stimulus and vaccination progress.

The U.S. jobs data due Friday is expected to signal that the labour market recovery remains on track.

The greenback jumped to 110.21 against the yen, its biggest level since March 2020. On the upside, 112.00 is likely seen as its next resistance level.

Data from the Ministry of Economy, Trade and Industry showed that Japan retail sales fell 1.5 percent on year in February – coming in at 11.628 trillion yen.

That beat forecasts for a decline of 2.8 percent following the 2.4 percent drop in the previous month.

The greenback appreciated to a 4-day high of 0.9415 against the franc from Monday’s close of 0.9390. If the greenback continues its rise, 0.96 is possibly seen as its next resistance level.

The greenback rose to its highest level since November 2020 against the euro, at 1.1741. The greenback is seen finding resistance around the 1.15 level.

The greenback edged up to 1.2603 against the loonie, after falling to 1.2582 at 11:15 pm ET. Next key resistance for the greenback is seen around the 1.27 level.

The greenback approached a 4-day high of 1.3742 against the pound, rising from a low of 1.3783 seen at 1:00 am ET. The greenback may possibly face resistance around the 1.34 level.

The U.S. currency recovered to 0.7006 against the kiwi and 0.7632 against the aussie, from its early 1-week lows of 0.7033 and 0.7664, respectively. The greenback is likely to find resistance around 0.68 against the kiwi and 0.72 against the aussie.

Looking ahead, Eurozone economic confidence index for March will be released in the European session.

At 8.00 am ET, Destatis is scheduled to issue Germany’s flash consumer prices for March.

Federal Housing finance agency’s house price index and S&P/Case-Shiller home price index for January and consumer confidence index for March will be featured in the New York session.


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