The US dollar fell on Tuesday, giving up the 4-week high that was hit yesterday on profit-taking, and ahead of the US Treasury Secretary nominee Janet Yellen's testimony before the US Congress.

The dollar index fell more than 0.3% to 90.44 points, after opening at 90.73, and hit a high of 90.76.

The greenback gained 0.1% yesterday, in the second straight daily gain, and hit a 4-week high at 90.95 points.

The markets are waiting the testimony of former Federal Reserve's Chief Janet Yellen before the Senate at 17:00 GMT, after she was picked by the US President-elect Joe Biden for the lead of the Treasury Secretary.

NBC News said Yellen will stress before Congress that the country is heading towards a painful recession unless more aid is approved and the Congress will need to act big.

The Wall Street Journal reported that Yellen will confirm a more traditional commitment to market-set currency rates during her testimony today in the US Senate, which is the opposite of the outgoing President Donald Trump's stance, as he often criticized the dollar's strength

Copper prices rose on Tuesday, as the US dollar fell against most majors, amid anticipation of the US Treasury Secretary nominee Janet Yellen's testimony.

Janet Yellen will testify before the US Congress on the global economic and political situation, in addition to ways to support the US economy and help it recover from the pandemic's impact.

Copper 3-month futures rose 0.3% to $7,993 per tonne on the London Metal Exchange, and rose 0.3% to 58.890 yuan per tonne on the Shanghai Metals Exchange.

President-elect Joe Biden will be inaugurated tomorrow for a period of 4 years to succeed Donald Trump, while the latter didn't concede the election results.

The dollar index fell against a basket of major currencies by 0.3% to 90.4 points as of 14:10 GMT, after hitting a high of 90.7 points and a low of 90.4 points.

Copper March futures rose 1.3% to $3.64 per pound as of 14:08 GMT, after hitting a high of $3.65 and a low of $3.55.

The main US stock indices opened higher on Tuesday, as the market await President-elect Joe Biden's inauguration.

The US Treasury Secretary nominee Janet Yellen will testify before the US Congress on the global economic and political situation, and ways to support the US economy and help it recover from the pandemic's impact.

This comes amid concerns about the coronavirus impact on the US economy, especially after failing to contain the outbreak so far.

President-elect Joe Biden will be inaugurated tomorrow for a period of 4 years to succeed Donald Trump, while the latter didn't concede the election results.

As for stocks, Dow Jones rose 0.5% or 160 points to 30,970 as of 14:37 GMT, Nasdaq rose 0.8% or 109 points to 13,107, and S&P 500 rose 0.6% or 22 points to 3,790.

Oil prices continued to rise as the US market opened on Tuesday, rising around 1.5% while on track for the first daily gain in 3 days, as the US dollar fell against its peers, but today's gains remain curbed by renewed concerns about the global demand due to the rising Covid-19 infections in China and Europe.

US crude rose 1.5% to $52.76 a barrel, after opening at $52.13, and hit a low of $52.13, and Brent crude rose 1.6% to $55.60 a barrel, after opening at $54.72, and hit a low of $54.72.

US crude lost around 0.1% yesterday, its second straight daily loss and hit a 1-week low at $51.78, and Brent crude futures fell 0.2% and hit a 2-week low of $54.52.

 The dollar index fell 0.4% today, and pulled back from its 4-week high of 90.95 points, which lifts the prices of dollar-denominated metals and commodities.

The US dollar's drop comes ahead of Janet Yellen's testimony before the US Congress, as she is currently nominated for the position of the Treasury Secretary after she was the head of the Federal Reserve.

The Chinese authorities re-imposed a full lockdown on Hubei, which hosts more than 28 million people, after Covid-19 cases in the province rose to the highest level in 10 months.

Most European countries are now under the strictest lockdown since the first coronavirus wave, especially after the UK identified the new Covid-19 strain.

RBC Capital Markets Bank said that oil market euphoria is unequivocally strong, but indicators from Asia are mixed, as China, the global engine of oil demand growth, is wrestling with fresh COVID outbreaks.