Dollar slips with Fed's statements in focus

The US dollar fell against its rivals on Tuesday, amid focus on the Federal Reserve members' statements.

Federal Reserve Chair Jerome Powell will testify on the Fed’s monetary policy, asset purchases, interest rates and inflation before the House Select Subcommittee.

The Federal Reserve decided last week to hold the interest rate near zero, and forecast 2 interest rate hikes in 2023, and raised its forecast for US GDP growth this year to 7%.

The greenback is being weighed down by US Joe Biden's administration preparations for the failure of the president's goal of distributing doses of coronavirus vaccines by the 4th of July.

The dollar index fell against a basket of major currencies by 0.2% to 91.7 points as of 18:40 GMT, after hitting a high of 92.1 points and a low of 91.7 points.