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The U.S. dollar languished near a seven-month low against other major currencies on Tuesday, as investors took heart that the Federal Reserve may be nearing the end of its rate-hike cycle and as China's reopening drove demand for riskier assets. Markets have grown increasingly doubtful that the Fed will have to take interest rates above 5% to cool inflation, as effects of it aggressive rate increases last year have already been felt in the economy.

The U.S. dollar languished near a seven-month low against other major currencies on Tuesday, as investors took heart that the Federal Reserve may be nearing the end of its rate-hike cycle and as China's reopening drove demand for riskier assets. Markets have grown increasingly doubtful that the Fed will have to take interest rates above 5% to cool inflation, as effects of its aggressive rate increases last year have already been felt.

President Biden pledged continued U.S. involvement in the region as he tries to help foster stability in a volatile corner of the world.