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Currencies: Dollar retreats as President Trump’s trade policies come into focus

The U.S. dollar on Monday weakened against a wide range of currencies amid disappointment that President Donald Trump’s inauguration address proved light on detail over his plans for economic stimulus.

Trump’s statements, including his address, that emphasized an “America first” policy, also stoked concern that his presidential platform, painted with a nationalist and protectionist brush, could pose a threat to a recovery in the global economy.

“At the turn of the year, the U.S. dollar was priced for strong growth and rising yields. Now the pendulum is swinging towards trade wars and slower growth,” said Sean Callow, currency strategist at Westpac.

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