US Dollar continues to lose value against its major rivals on Tuesday.
EUR/USD could target 1.1000 once it confirms 1.0900 as support.
Bloomberg reported Chinese Yuan replaced US Dollar as the most traded foreign currency in Russia.
The US Dollar (USD) stays on the back foot on Tuesday after having registered losses against its major rivals on Monday. Although markets are pricing in a nearly 60% probability of the US Federal Reserve (Fed) raising its policy rate by 25 basis points (bps) in May, the currency is having a hard time finding demand. The risk-positive market atmosphere and news of the USD losing some of its appeal as reserve currency seems to be forcing the US Dollar Index (DXY) to stay on the back foot.
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