The U.S dollar dropped against its major counterparts in the European session on Tuesday, as U.S. treasury yields fell ahead of the release of inflation data on Wednesday.

The consumer price index is expected to rise to 8.8 percent year-on-year in June from 8.6 percent in May.

On a monthly basis, the CPI is seen rising by 1.1 percent in June following a 1.0 percent gain in the previous month.

The benchmark yield on 2-year note dropped to 2.99 percent. Yields move inversely to bond prices.

The Fed is expected to raise rates by 75 basis points for a second consecutive meeting later this month.

The greenback retreated to 0.9811 against the franc and 1.1893 against the pound, reversing from its early near a 4-week high of 0.9859 and more than a 2-year high of 1.1807, respectively. The next possible support for the greenback is seen around 0.95 against the franc and 1.23 against the pound.

The greenback edged down to 1.0069 against the euro, after hitting 1.0000 at 5:45 am ET, which was its highest level since December 2002. The greenback is likely to test support around the 1.02 region, if it falls again.

The greenback weakened to 136.47 against the yen, from a high of 137.53 seen at 1:30 am ET. Should the greenback falls further, it is likely to test support around the 120.00 region.

The greenback pulled back to 0.6138 against the kiwi and 0.6761 against the aussie, from an early high of 0.6099 and more than a 2-year high of 0.6711, respectively. Immediate support for the greenback is likely seen around 0.65 against the kiwi and 0.69 against the aussie.

The greenback eased off to 1.2997 against the loonie, following a high of 1.3051 set at 7 am ET. Next near term support for the greenback is likely seen around the 1.26 level.

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