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  • The dollar dropped to its lowest level in nearly six weeks while commodity-linked currencies hovered near multi-year highs on Tuesday, 23 February 2021 ahead of Federal Reserve Chairman Jerome Powells semi-annual testimony to Congress. Investors shifted focus to how US Federal Reserve chief Jerome Powell might respond to expectations of resurgent inflation. The dollar index, which tracks the greenback against a basket of six other currencies, touched its lowest since January 13, falling under the critical 90 mark early on Tuesday but managed to regain ground and is currently seen at around 90.14 against a basket of currencies.

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