The dollar slipped to a more than six-month low against a basket of currencies on Monday.
The dollar was on track to record its worst week since August on Friday, having given up almost all the gains made since Trump was elected.
The U.S. dollar rose against a basket of major currencies on Thursday.
The yen rose to its highest in two weeks and the Swiss franc hit a seven-week high against the U.S. dollar on Wednesday.
The euro surged more than 1 percent against a broadly weaker dollar on Tuesday, rising above $1.10.
Sim Moh Siong, Bank of Singapore, says the Australian dollar is trading on the lower end of a range due to overdone concerns about the slowdown in China.
The Canadian dollar hit its highest level in two weeks and the Australian dollar was at a 10-day high.
LONDON, May 15- The Canadian dollar hit its highest level in two weeks and the Australian dollar a 10- day high on Monday as a bounce in oil prices drove a recovery in major commodity-linked currencies. Saudi Arabia and Russia agreed on Monday to extend oil output cuts until March 2018 to rein in a global crude glut, pushing up prices by as much as 2 percent and...
The U.S. dollar fell on Friday, easing from a roughly two-month high against the yen.
The New Zealand and Canadian dollars sank on Thursday as domestic concerns outweighed a bounce in oil prices for the currencies.
Trump abruptly fired FBI Director James Comey in a move that shocked Washington and dampened some of this week's strong risk appetite.
Australia’s long-suffering wanna-be homebuyers were likely to be disappointed by the budget's housing affordability measures, analysts said.
David Forrester, Credit Agricole, says he likes the Aussie dollar on the crosses as opposed to against the U.S. dollar.
Currency markets swung back to trading on the diverging outlooks for growth and tighter monetary policy.
"Collapsing" iron ore prices and deleveraging in China could mean a softer Aussie dollar going forward, says Kelvin Tay of UBS Wealth Management.
Sean Callow, Westpac Bank, says near-term risks for the Aussie are to the downside.
Meanwhile, a fall in oil prices drove the Australian dollar and Canadian dollar to new lows.
Investors took profit on a roughly 3 percent gain for the currency since the first round of voting two weeks ago.
Trump held his first-meeting with Australia's Turnbull on Thursday, declaring they "get along great," after a tense January phone call.
The U.S. Federal Reserve played down any threats to this year's planned rises in interest rates, solidifying expectations of a move in June.