The dollar made some recovery attempts

The dollar made some recovery attempts following the sell-off but still lacked upside momentum despite rising Treasury yields. EURUSD rose to fresh two-month highs around 1.2150 on Thursday. However, the euro failed to preserve gains and retreated below 1.2100 ahead of the weekend. On the data front, German GDP arrived at -1.7% QoQ in the first quarter versus -1.5% expected, while the annualized rate fell by 3% against the previous reading of -3.7%. France’s economy grew 0.4% in the first quarter of the year, while the Spanish and Italian economies contracted 0.5% and 0.4%, respectively. As for the USD index itself, the price added to recent gains and moved closer to the 91.00 figure on the back of the recent rebound in US yields and the strengthened optimism over the US economic recovery. US 10-year Treasury yields appreciated to the 1.70% area after bottoming out around 1.53% during last week.