The US dollar fell against most of its major rivals on Tuesday, despite US President-elect Joe Biden’s nominee for Treasury Secretary Janet Yellen's statements.

Yellen stated during her Senate hearing urged lawmakers to continue support for small businesses and the unemployed to boost the US economy's recovery from the coronavirus repercussions.

Yellen added that President Joe Biden's administration would not aim to weaken the US dollar against other currencies to support exports.

President-elect Joe Biden will be inaugurated tomorrow amid intense security measures and while the outgoing President Donald Trump will not show up.

The US security services deployed around 25,000 National Guard troops, which is unprecedented, to secure Biden’s inauguration.

The dollar index fell against a basket of major currencies by 0.3% to 90.5 points as of 18:16 GMT, after hitting a high of 90.7 and a low of 90.4 points.

Oil prices rose on Tuesday, as the US dollar fell against its major peers, but oil pared some of its gains after the International Energy Agency's report.

This comes after the Saudi Ministry of Energy announced a voluntary output cut of about one million barrels per day during February and March.

However, the International Energy Agency slashed its global demand growth outlook by about 300,000 bpd to 5.5 million bpd during 2021, with the total demand thought the year reaching 96.6 million bpd.

The dollar index fell against a basket of major currencies by 0.3% to 90.5 points, after hitting a high of 90.7 points and a low of 90.4 points.

As of 17:16 GMT, WTI crude February futures rose 0.9% to $52.8 a barrel, after hitting a day high of $53.09 and a low of $51.7.

Brent March futures rose 1.8% to $55.7a barrel, after hitting a high of $56.08 and a low of $54.8.

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.