The U.S. dollar fell to a two-week low against a basket of currencies on Tuesday, as traders booked profits after a strong March and as a fall in Treasury yields from recent peaks put pressure on the U.S. currency.

The U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies, was 0.239% lower at 92.341, its lowest since March 23.

The dollar has risen this year, along with Treasury yields, as investors bet the United States would recover more quickly from the coronavirus pandemic than other developed nations, amid massive stimulus and aggressive vaccinations.

At 2.5%, the gain in March was the dollar’s biggest monthly increase since the end of 2016.

“I think we are seeing some profit-taking to start the new quarter,” said John Doyle, vice president of dealing and trading at FX payments firm Tempus Inc.

“Treasury yields have played a role in helping the dollar find its footing. Lower yields today would…

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