The U.S. dollar declined against its major counterparts in the European session on Tuesday, as better than expected China trade data and signals that the new coronavirus cases appeared to have peaked in some hot spots lifted sentiment.

In yuan terms, China's imports rose an annual 2.4 percent in the month, beating expectations for a 7 percent drop. Imports declined 2.4 percent in February.

Exports fell 3.5 percent compared to the expected slide of 12.8 percent. Exports declined by 15.9 percent in February. The trade surplus for the month narrowed to CNY 130 billion from CNY 158.5 billion in February.

Some European countries began to ease lockdown restrictions, with the governments of Italy and Spain taking tentative steps this week to send certain workers back to their jobs and allowing some shops to reopen.

Germany is also weighing conditions for lifting restrictions, while there are indications that the U.K. will extend the lockdown by another three weeks until at least May 7.

In the United States, New York Governor Andrew Cuomo declared that "the worst is over" but the virus outbreak will not be "over" until a vaccine was available.

President Donald Trump is expected to announce a plan this week on how to jump-start stalled business.

The currency has been falling in the previous session amid rising risk appetite.

The greenback declined to 0.9630 against the franc, after rising to 0.9678 at 5:15 pm ET. The next possible support for the greenback is found near the 0.94 level.

The greenback fell to 107.38 against the yen, its lowest level since April 2. The currency may challenge support around the 105.00 mark, if it weakens further.

Having risen to 1.0902 at 5:15 pm ET, the greenback reversed direction against the euro, with the pair trading at 1.0957. On the downside, 1.12 is likely seen as the next support level for the greenback.

The greenback depreciated to near a 5-week low of 1.2577 versus the pound and held steady thereafter. The pair had finished Monday's deals at 1.2501.

In contrast, the greenback bounced off to 1.3925 against the loonie, 0.6374 against the aussie and 0.6073 against the kiwi, from its early low of 1.3863, near 5-week low of 0.6432 and a new 4-week low of 0.6131, respectively. The greenback is seen testing resistance around 1.41 against the loonie, 0.60 against the aussie and 0.59 against the kiwi.

U.S. import and export prices for March are due in the New York session.

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