Dollar falls from one-month high ahead of Biden inauguration

The dollar fell from a near-one-month high on Tuesday as traders became wary before U.S. Treasury Secretary nominee Janet Yellen testifies later.

The dollar index fell 0.1% to 90.708 in Asian trade, a day before President-elect Joe Biden is scheduled to be inaugurated.

The dollar started the year with a near-2% rally against its peers, boosted by a rise in U.S. Treasury yields caused by Biden’s plan for a $1.9 trillion pandemic relief package.

The euro gained 0.2% to $1.2095 after falling to $1.2054 on Monday, its first decline since Dec. 2. The risk-sensitive Aussie climbed 0.3% to 77.082 U.S. cents.

The dollar was up 0.3% to 104.05 against the yen but traded into a narrow range after hitting a one-month high of 104.40 last week.