The U.S. dollar declined against its major counterparts in the New York session on Tuesday, following the release of producer inflation data for April and Federal Reserve Chairman Jerome Powell's speech at a banking event in Amsterdam.

Despite spending much of the day's session in negative territory, the Switzerland market ended slightly higher on Tuesday as stocks found some support past mid afternoon and managed to climb above the flat line in the final hour.

European stocks closed broadly higher on Tuesday as investors reacted to the latest batch of European and U.S. economic data, and remained largely optimistic about interest rate cut by several central banks.

Canadian stocks are turning in a mixed performance on Tuesday, with investors largely reacting to earnings updates and digesting latest Canadian and U.S. economic data.

With inflation coming in hotter-than-expected during the first quarter, Federal Reserve Chair Jerome Powell said the central bank needs to be patient with regard to interest rates. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during remarks at the annual general meeting of the Foreign Bankers' Association in Amsterdam on Tuesday.

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The Japanese yen is experiencing a significant decline against the US dollar, marking the seventh consecutive session of this trend.

Dollar recovers somewhat while US stocks’ rally stalls; PPI and Fed Chairman Powell could wake up the market later today; Mixed UK labour data complicate the BoE’s outlook

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Today marks a significant day for both Germany and the USA, as they are set to unveil crucial economic data. Germany will release the Consumer Price Index (CPI), while the USA will disclose the Producer Price Index (PPI). These releases are vital indicators of each country's inflationary trends.