By Gina Lee

Investing.com – The dollar was down on Tuesday morning in Asia, remaining below its recent high. A blow to U.S. President Joe Biden’s investment bill, as well as concerns about the omicron COVID-19 variant, also capped gains for riskier currencies.

By 9:20 ET (2:00 GMT), the index that measures the greenback’s value against other currencies had dropped 0.05%, to 96.465.

This pair increased by 0.10% to 113.69

With the Reserve Bank of Australia publishing the early in the day, the pair climbed 0.08% to 0.7155. The central bank stated that asset tapering would be initiated at the 2022 first meeting and ended in May. This is consistent with the existing forecasts. It also expressed optimism about the state of the economy.

This pair edged up 0.2% to 0.6726

Both the pair fell 0.03% at 6.3740, and both climbed 0.03% up to 1.3211.

The U.S. currency briefly approached 16-month highs at 96.914 during the past week, reacting to the U.S. Federal Reserve’s hawkish pivot in its . Omicron worries also helped the asset to be a safe-haven.

However, U.S. Senator Joe Manchin’s comments on Sunday that he will not support Biden’s Build Back Better package, a $1.75 trillion domestic investment bill, saw the dollar finished Monday’s session down 0.12%.

The dollar fell on the collapse of Build Back Better. According to Kyle Rodda, an analyst at IG Markets, the dollar was pushed slightly lower by less stimulus and weaker growth. Rates dropping at the short end also contributed,” he said.

The yields on two-year U.S. Treasury bonds fell to 0.5870% Monday. This is their lowest point since Dec.

The pound was also on a downward trend after British Prime Minister Boris Johnson said on Monday that he would tighten restrictive measures to curb omicron’s spread if needed. According to federal estimates, 73% of U.S. sequenced cases are caused by the variant. It is rapidly spreading in Europe and America.

The Turkish lira was volatile on Monday. It fell as high as 10% and ended the session higher than 20%. After President Tayyip Erdoan introduced measures to reduce the currency’s impact, the currency saw a rebound.

Erdogan also pledged to keep the low-rates policy which had caused the slide of the lira in the first instance.