A jump in US Treasury yields helped support the US dollar on Tuesday. The euro continued to underperform as the EU’s vaccine programme makes sluggish progress.

The US dollar fell across the board last week following some dovish comments from Fed Chair Powell and continued impressive signs of progress towards mass vaccinations.

Risk currencies continued to rally against the safe-havens on Wednesday morning, with investors in an optimistic mood over the global outlook.

The dollar fell against its major peers on Tuesday morning as investors focused on the growing possibility of more US fiscal stimulus. Sterling continued to power ahead on the UK’s rapid vaccine progress.

Sterling continued to outperform its peers last week on the UK’s rapid vaccination progress. The euro, meanwhile, continued to struggle.

The US dollar traded higher against just about every other major currency on Tuesday, while the Australian dollar fell sharply after a dovish turn from the RBA.

China’s economy suffered from its worst performance since 1976 last year, although growth still remained positive. The ability of Chinese authorities to suppress caseloads and enforce more localised restrictions have proved to be less harmful to the country’s economy. Read the latest CNY report from our expert analysts.

All G10 currencies lost ground against the US dollar last week, aside from sterling that has been buoyed by the UK’s impressive progress towards mass vaccinations.