Dollar gives up 4-week high ahead Janet Yellen's testimony

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