EUR/USD advances towards 1.0920 ahead of the ECB minutes and EU Retail Sales

• EUR/USD is marching towards 1.0920 on optimism of monthly Retail Sales.
• The ECB minutes will dictate the mathematics behind the unchanged policy stance in March.
• Falling US Treasury yields have kept the DXY on the sidelines.

In anticipation of the publication of the European Central Bank (ECB) meeting minutes and Retail Sales data, which are both scheduled for release on Thursday, the EUR/USD pair is showing a positive open to trading session on Thursday. Immediately after the initial opening tick at 1.0898, the major began to scale upward again.

The minutes from the European Central Bank will provide specific insights into the ECB officials' views on the monetary policy outlined in March, according to the minutes. The monthly and annual Retail Sales figures published by Eurostat, among other things, will have a considerable influence on the value of the common currency. Preliminary estimates for monthly and annual retail sales are 0.6 percent and 4.8 percent, respectively, according to the Census Bureau. In contrast, the prior readings of monthly and annual Retail Sales were 0.2 percent and 7.8 percent for the corresponding months.

Following the development of recession worries caused by the Ukraine conflict in the previous few trading sessions, the major has remained fragile in the following sessions. Because of the ongoing talks on the European Union's (EU) ban on Russian oil, the asset has seen its value plummet even more. A Russian oil embargo imposed overnight may increase prospects of stagflation in the Eurozone, since more than a quarter of Europe's oil demand is met by the Russian oil export industry.

However, with declining US Treasury rates, the US dollar index (DXY) is swinging in a tight range of 99.55-99.65 in the Tokyo session, according to Bloomberg. The yield on the 10-year US Treasury note has fallen to about 2.58 percent, after reaching a new three-year high of 2.66 percent.