The value of the U.S. dollar is currently seeing modest strength on Tuesday after fluctuating earlier in the trading day.

The U.S. dollar extended gains against its most major counterparts in the New York session on Tuesday, as Federal Reserve Chair Jerome Powell said that there is no rush to cut interest rates given a lack of progress on inflation returning to the target.

Citing a "lack of progress" toward reaching the central bank's inflation goal, Federal Reserve Chair Jerome Powell suggested on Tuesday that interest rates are likely to remain higher for longer. Powell's remarks came during a moderated discussion with Bank of Canada Governor Tiff Macklem at the Washington Forum on the Canadian Economy.

The International Monetary Fund said on Tuesday that a resilient global economy is set for steady growth in the next two years as inflation returns to target gradually, but the growth will be uneven amid persistent risks. Global growth is set to remain at 3.2 percent this year and next, the same as in 2023, the IMF said in its latest World Economic Outlook.

The Switzerland market ended sharply lower on Tuesday, in line with markets across Europe, as persisting geopolitical tensions and uncertainty about interest rate trajectory weighed on sentiment.

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Getting ready for a decline in gold

Surging US retail sales dampen Fed rate cut expectations. Wall Street sinks, dollar scales fresh highs as yields jump. China GDP beat offers only tepid support as March data disappoints. Yen continues to tumble, risk of intervention grow.

The New Zealand dollar has plummeted to a five-month low, with the NZD/USD pair touching the 0.5890 mark. This decline was triggered by the release of robust American retail sales data, which raised concerns that the Federal Reserve might delay interest rate cuts expected in 2024.

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GBPUSD inches down to a new five-month low. An extension below 1.2400 could generate fresh selling interest.