The dollar fell early in N.Y. trade on Tuesday, as more weak U.S. data drove the point home ahead of Wednesday's FOMC announcement, that the Fed may well be on hold through the remainder of the year. Consumer confidence took a hit in April, largely due to the rebound in gasoline prices, and a messy geopolitical backdrop. The markets will still need to contend with Q1 GDP data on Wednesday ahead of the Fed, where forecasts have been downgraded over the past several weeks. EUR-USD bounced to 1.0990 highs, from lows near 1.0920, as USD-JPY settled in under the 119.00 level.
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