Sterling rose in European trade for the fifth straight session against dollar above $1.42 for the first time in three years, as UK economy recovers faster than expected following vaccination efforts. 

GBP/USD rose 0.9% to 1.4238, the highest since April 2018, with a session low at 1.4100. 

Sterling rose 0.35% above 1.4, marking the fourth profit in a row, after the dollar index declined 0.2% to six-week lows at 89.94. 

Fed Chair Jerome Powell said in his Congressional testimony that employment and inflation remain far from current targets, while interest rates will remain low to support the economy. 

The sterling is boosted by hopes of UK recovery amid massive vaccination efforts and plans to relax economic lockdowns. 

The main US stock indices closed stable on Tuesday, and pared their early losses earlier, but Nasdaq suffered from a broad sell-off move.

Federal Reserve Chairman Jerome Powell stated during his Senate hearing that inflation and employment are still far from the Fed's targets.

Powell had stressed before that the US economy's recovery had moderated and employment slowed during the past few months, but expressed optimism about a return to recovery in tandem with vaccination.

To the oil market, WTI April futures fell 0.1% or 3 cents, and closed at $61.67 a barrel, after hitting a day high at $63 and a low at $60.6.

Brent April futures rose 0.2% or 13 cents, and closed at $65.37 a barrel, after hitting a high of $66.7 and a low of $64.4.

As for stocks, Dow Jones rose by less than 0.1% or 15 points, and closed at 31537 points, with a high of 31653 points and a low of 31153 points.

S&P 500 rose 0.1% or 15 points to 3881 points, after hitting a high of 3895 and a low of 3805 points.

Nasdaq fell by 0.5% or 67 points to 13465 points, with a high of 13526 points and a low of 13003 points.

Silver prices fell on Tuesday, and pulled back from the 1-month high that was hit yesterday, as the US dollar rose against its peers.

The Federal Reserve Chairman Jerome Powell stated during his Senate hearing that inflation and employment are still far from the Fed's targets.

Powell had stressed before that the US economy's recovery had moderated and employment slowed during the past few months, but expressed optimism about a return to recovery in tandem with vaccination.

The dollar index rose against a basket of currencies by 0.1% to 90.1 points as of 21:22 GMT, and hit a high of 90.2 points, and a low of 89.9 points.

Silver March futures fell 1.4% or 40 cents, and closed at $27.688 an ounce, after hitting a day high at $ 28.425 and and the low at 27.285.

The Australian dollar slipped on Tuesday, but remained near its 3-year high.

The markets are still waiting for the results of the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.

The Federal Reserve Chairman Jerome Powell stated during his Senate hearing that inflation and employment are still far from the Fed's targets.

Powell had stressed before that the US economy's recovery had moderated and employment slowed during the past few months, but expressed optimism about a return to recovery in tandem with vaccination.

As of 17:43 GMT, AUD/USD fell 0.1% to 0.7902, after hitting a high of 0.7936 and a low of 0.7880.