The GBP/USD pair refreshed daily tops, around the 1.3565-70 region. Bank  of England (BOE) Governor Andrew Bailey said that it appears less  severe than that in spring last year. Negative rates are a controversial  issue. There are a lot of issues with negative rates. No country has  used negative rates in ‘retail’ end of the financial market. There are  good reasons to think we’re in a world of low rates for a long period of  time. EUR/USD trades flat in the mid-1.2100 on turnaround Tuesday. The  U.S. dollar held onto its recent gains on Tuesday after a spike in U.S.  Treasury yields lifted demand for the currency. The dollar had hit a  more than 2-1/2-year low in January after sliding for months as  ultra-dovish policy from the Federal Reserve encouraged investors to  seek alternative currencies. But expectations for a wave of spending  under an incoming Joe Biden administration have pushed Treasury yields  higher, with the 10-year yield reaching a 10-month high on Tuesday. The  dollar has bounced 1.5% since last Wednesday. Not only have markets  brought forward bets on Fed interest rate increases to 2023, many also  reckon it could start withdrawing, or tapering, asset purchases earlier.  The dollar index was unchanged at 90.438, above lows of 89.206 hit last  week.