The dollar was largely higher Tuesday as Joe Biden confirmed his bid to win re-election as US president next year.

The announcement comes with the US economy still battered by high inflation and interest-rate rises, triggering concerns of a possible recession.

Worries that the global economy could enter a downturn this year continued to weigh heavily on stock markets Tuesday.

Traders have exited risk ahead of earnings results this week from US tech behemoths Amazon, Microsoft, Facebook owner Meta and Google parent Alphabet.

Before that, General Motors on Tuesday raised key 2023 profit projections following a solid first quarter in which blowout results in North America compensated for declines in other regions.

The big US automaker reported profits of $2.4 billion, down 19 percent from the year-ago level, but translating to better-than-expected profits per share. GM shares jumped on the results.

Investors were waiting on also important economic data from Australia and the eurozone, as well as a policy meeting of the Bank of Japan.