The U.S. dollar advanced against its most major counterparts in the European session on Tuesday, along with treasury yields, following remarks from U.S. President Donald Trump indicating hopes about successful trade talks with China.

Trump said that he expects to have a fruitful meeting with Chinese President Xi Jinping next month and that hadn't made a decision about imposing another $325 billion tariffs on Chinese goods yet.

"He just got back from China. We'll let you know in about three or four weeks whether or not it was successful ... but I have a feeling it's going to be very successful," Trump said, referring to U.S. Treasury Secretary Steven Mnuchin's recent trade talks in Beijing.

Trump's comments soothed worries about a full-blown trade war, providing respite to battered markets.

Data from the Labor Department showed that U.S. import prices rose much less than expected in April as a drop in prices for non-fuel imports partly eclipsed another jump in prices for fuel imports.

The Labor Department said import prices edged up by 0.2 percent in April after climbing by 0.6 percent in March. Economists had expected import prices to increase by 0.7 percent.

The report said export prices also rose by 0.2 percent in April following a 0.6 percent increase in the previous month. Export prices had been expected to climb by 0.5 percent.

The greenback was trading higher at 1.0084 against the franc, up from a low of 1.0051 hit at 6:30 pm ET. The next key resistance for the greenback is likely seen around the 1.02 level.

The greenback spiked up to a 5-day high of 1.1204 against the euro, after falling to 1.1244 at 4:45 am ET. The greenback is seen finding resistance around the 1.11 level.

Final data from Destatis showed that Germany's consumer price inflation accelerated as initially estimated to its highest level in five months in April.

Consumer price inflation rose to 2 percent in April from 1.3 percent in March. This was the highest rate since November, when prices were up 2.1 percent. After a brief pause, the greenback extended its early rise against the pound, touching a new 2-week high of 1.2912. On the upside, 1.27 is likely seen as the next resistance level for the greenback.

Data from the Office for National Statistics showed that U.K. jobless rate declined in the first quarter to the lowest since 1974, pointing to a continued strengthening of the labor market.

The ILO jobless rate came in at 3.8 percent in the first quarter, while the rate was expected to remain unchanged at 3.9 percent. The rate has not been lower since last quarter of 1974, the ONS said.

Continuing its early rally, the greenback firmed to more than a 4-month high of 0.6935 against the aussie. The greenback is poised to target resistance around the 0.68 area.

The greenback hovered at a 5-day high of 1.3487 against the loonie, from a low of 1.3456 seen at 7:15 am ET. Next key resistance for the greenback is possibly seen around the 1.37 level.

The greenback bounced off to 0.6573 against the kiwi, reversing from a low of 0.6591 touched at 10:30 pm ET. This may be compared to a 6-day high of 0.6562 seen at the beginning of the Asian session. Should the greenback extends its uptrend, 0.64 is likely seen as its next resistance level.

On the flip side, the greenback retreated to 109.45 against the yen, following a high of 109.77 hit at 3:15 am ET. If the greenback extends decline, it may challenge support around the 108.00 level.

In today's events, at 12:45 pm ET, Federal Reserve Bank of Kansas City President Esther George will give a speech about the economy at the Economic Club of Minnesota, in Minneapolis.

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