MARKET ACTION SLOWS DOWN AHEAD OF THIS WEEK'S KEY EVENT

Here is what you need to know on Tuesday, April 9:

Major currency pairs fluctuate in familiar ranges early Tuesday as investors move to sidelines while waiting for a fresh catalyst. The European Central Bank (ECB) will release the findings of the Bank Lending Survey in the European session. Later in the day, NFIB Business Optimism Index for March and RealClearMarkets/TIPP Economic Optimism Index for April will be featured in the US economic docket.

The US Bureau of Labor Statistics will release the Consumer Price Index (CPI) data for March on Wednesday and the ECB will announce monetary policy decisions on Thursday.

The US Dollar (USD) Index edged slightly lower during the American trading hours on Monday and closed the day in negative territory. Wall Street's main indexes ended the day virtually unchanged and the benchmark 10-year US Treasury bond yield retreated toward 4.4% after reaching its highest level since November at 4.46%. In the European morning, the USD Index holds steady above 104.00 and US stock index futures trade mixed.

NZD/USD registered modest gains on Monday and continued to stretch higher toward 0.6050 early Tuesday. In the Asian trading hours on Wednesday, the Reserve Bank of New Zealand is expected to leave the policy rate unchanged at 5.5%.

The data from Australia showed on Tuesday that the Westpac Consumer Confidence declined by 2.4% in April. AUD/USD showed no reaction to this data and was last seen moving sideways slightly above 0.6600.

Australian Dollar edges lower amid stable US Dollar, awaits US CPI.

USD/JPY trades within a few pips of a fresh multi-decade high near 152.00 in the early European session. Bank of Japan (BoJ) Governor Kazuao Ueda said on Tuesday that they could possibly further reduce monetary stimulus if trend inflation were to accelerate toward the 2% inflation target. These comments, however, failed to help the Japanese Yen find demand.

Japanese Yen struggles to lure buyers, remains vulnerable near multi-decade low.

EUR/USD edged higher on Monday before stabilizing slightly above 1.0850 early Tuesday.

GBP/USD posted marginal gains on Monday and went into a consolidation phase. The pair was last seen fluctuating in a narrow channel at around 1.2650.

Gold retreated after touching a new all-time high above $2,350 on Monday but ended up closing the day marginally higher. XAU/USD stays relatively quiet and moves up and down near $2,340 in the European morning