The U.S. dollar weakened against other major currencies in the European session on Tuesday, as investors awaited key inflation readings in the U.S. and Europe due this week for clues on the timing and pace of interest rate cuts.

Gains among basic resources shares and strong earnings report also led the gain of investor sentiment.

The benchmark U.K. FTSE 100 index is higher by 0.01% at 7,685.08, while the Germany's DAX index also traded higher by 0.31% at 17,477.56 level. The French CAC index rose by 0.02% at 7,931.21.

Investors also await the U.S. Federal Reserve's favored core measure of personal consumption expenditure prices, due on Thursday.

In the Asian trading today, the greenback held steady against its major counterparts.

In the European trading now, the U.S. dollar fell to 5-day lows of 1.0866 against the euro and 150.12 against the yen, from early highs of 1.0846 and 150.61, respectively. If the greenback extends its downtrend, it is likely to find support around 1.09 against the euro and 148.00 against the yen.

Against the Swiss franc and the Canadian dollar, the greenback slipped to 4-day lows 0.8784 and 1.3489 from early highs of 0.8808 and 1.3514, respectively. The greenback may test support near 0.85 against the franc and 1.33 against the loonie.

The greenback dropped to 1.2697 against the pound, from an early high of 1.2674. On the downside, 1.28 is seen as the nxt support level for the greenback.

Moving away from early 1-week highs of 0.6525 against the Australian dollar and 0.6151 against the NZ dollar, the greenback edged down to 0.6558 and 0.6176, respectively. The next possible downside target for the greenback is seen around 0.66 against the aussie and 0.63 against the kiwi.

Looking ahead, U.S. durable goods orders for January, house price index for December, U.S. Consumer Boards's consumer confidence for February, U.S. Richmond Fed manufacturing index for February and Dallas Fed services index for February are slated for release in the New York session.

At 8:40 am ET, Bank of England Deputy Governor Dave Ramsden will give a speech at AFME bonds conference, in London, U.K.

At 9:05 am ET, Federal Reserve Vice Chair for Supervision Michael Barr will deliver a speech virtually on "Counterfeit Credit Risk" before the Conference on Counterparty Credit Risk Management hosted by the Federal Reserve Bank of New York, in Washington D.C., U.S.

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