The U.S. dollar index continued to decline on Tuesday, plunging sharply in late trading to hit a four-year low, as investors sold the greenback amid multiple expectations.
The dollar index, which measures the greenback against six major peers, fell 0.84 percent Tuesday, closing at 96.219 in late forex trading.
It later dropped further to 95.55, marking its lowest level since mid-February 2022.
The euro, the heaviest-weighted component in the dollar index, rose above the 1.20 threshold against the dollar for the first time since 2021.
Karl Schamotta, chief market strategist at Cambridge Global Payments, said that economic policy uncertainty has surged again amid ongoing U.S. tariff policies and the potential for another U.S. government shutdown, pulling the dollar index lower.
US dollar index falls to four-year low
As the Chinese New Year approaches, cities across China are bustling with festive markets, cultural fairs, and traditional activities, blending heritage with contemporary celebrations to welcome the Year of the Horse.
The Chinese New Year, or the Spring Festival, falls on Feb. 17 this year, and marks the beginning of the Year of the Horse.
In Guangzhou, south China's Guangdong Province, a cultural market featuring intangible cultural heritage items from across the country has opened, attracting over 60 master artisans. Visitors can explore local foods, traditional attire, and creative cultural products, immersing themselves in the lively pre-festival atmosphere.
"I could feel the strong Spring Festival vibe as soon as I entered. I got a 'fu' character (meaning blessing or good fortune) poster to take home and hang on my door for good luck. It's very auspicious," said You Zelin, a visitor.
Chaozhou City in Guangdong has also launched a themed event series, "City of Intangible Cultural Heritage in Daily Life," combining heritage exhibitions, hands-on activities, and cultural tourism to immerse visitors in the city's historical atmosphere.
Meanwhile, in Dali City of southwest China's Yunnan Province, a New Year market along the Erhai Lake ecological corridor is bustling with locals and tourists shopping for regional specialties, from agricultural products to Bai ethnic tie-dye items, roasted tea, and hand-brewed coffee.
"You can find everything here, and it's really lively. With Spring Festival around the corner, we came to pick up some holiday supplies," said a customer surnamed Zhu.
In Tianjin, a special "Children's Temple Fair" is allowing young participants to engage with traditional customs through hands-on activities like making velvet flowers, painting, and tasting local snacks, all designed to foster a deeper connection with cultural heritage.
Shanghai's Yuyuan Garden Lantern Festival is now lit, with displays running through the Lantern Festival on March 3. The festival has expanded beyond its traditional grounds to include six blocks stretching toward the Bund. This event features stunning lantern displays inspired by Tang dynasty horses and integrated with digital technology, offering a seamless blend of traditional craftsmanship and modern artistry.
From cultural markets and lakeside bazaars to children's fairs and radiant lantern shows, these diverse celebrations reflect the vibrant and evolving ways in which communities nationwide are ushering in the Chinese New Year.
Traditional crafts, lanterns light up Chinese New Year festivities nationwide
