US S&P PMI figures from April came in softer than expected and made markets dump the USD. Hawkish bets and high US Treasury yields may limit the downside for the USD. All eyes are set on PCE and GDP data on Thursday and Friday. The US Dollar Index is trading softly at 105.70 tallying daily losses on Tuesday's session. The Federal Reserve has been sending a consistently hawkish message, which might limit the Greenback’s losses as markets delay the start of the easing cycle.
Regarding the Simple Moving Averages , they manifest a more bullish image. Despite a negative short-term outlook, the DXY is above the 20, 100, and 200-day SMAs, signifying a more positive medium to long-term perspective. It suggests that bulls still retain control in the larger picture, providing hope for a potential recovery of bullish momentum.