The bullish sentiment in the commodity market had a negative impact on the dollar, due to the cost decrease of raw materials which is in the US currency. The oil and base metals confidently finished the first part of the week in the "green zone". Only by the end of the trades the dollar slightly strengthened.
The US and German government bonds yields differential decreased which increased the attractiveness of the European assets. On the other hand, the growth of pessimism in the world leading stock markets also played into the hands of the bulls (because the euro is one of the funding currencies). However the pair EUR/USD closed the trades with a decrease.
The UK inflation report became the main event of Tuesday. The gasoline prices growth and the average weekly earnings increase had its positive impact on the British bonds market. The 10-year government bonds yield increased by 8 bp. The UK consumer price index for March rose by 0.5% y/y that was the maximum value since December, 2014. The trades on the pair GBP/USD closed with a slight growth.
Japan and the United States did not publish any important macroeconomic statistics. The pair USD/JPY showed an upward correction.