The dollar got into more stable ground after struggling in a two-week low against the yen in the Asian trading, but it fell short of momentum as investors waited the week’s speech by the U.S. President Donald Trump for clues on tax reform.
Trump will make his first major policy on Tuesday. It is expected to include some details of the structure of Trump’s tax plans, but some market participants are worried that a lack of a new direction could lead to disappointment to investors and weigh on the dollar.
The Treasury Secretary Steven Mnuchin said in a televised interview on Sunday that Trump will use this event in order to give a preview of some elements of his sweeping plans to cut taxes for the middle class, simplify the tax system and make American companies more globally competitive with lower rates and changes to encourage U.S. manufacturing.
The dollar was up by 0.2 percent and was traded at 112.2 with Yen, after dropping as low as 111.920 yen in the earlier session, which is its lowest since Feb. 9
The euro remained unchanged on the day at $1.0562 as concerns about France’s upcoming election and continued to weigh on the single currency.
The dollar Index, which is responsible for monitoring the U.S. currency against the basket of six Major competitors, benefited from the sterling’s weakness which edged up 0.1 percent to 101.16 DXY.