The dollar hovered on Tuesday above the one-week low against major peers it hit last week, as fears eased that the new Omicron coronavirus variant would derail the U.S. recovery and delay Federal Reserve interest rate hikes. Traders took comfort from remarks by President Joe Biden that the United States would not reinstate lockdowns, as well as a South African doctor’s comments that the new strain causes milder symptoms. In testimony prepared for Congress later Tuesday, Fed Chair Jerome Powell says Omicron could cause inflation pressures to last longer.
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