The dollar dropped in Asia trade on Monday after newly sworn-in President Donald Trump announced plans to implement a protectionist agenda.
On Sunday, Trump said he planned to re-start negotiations with Mexico and Canada over NAFTA, or the North American Free Trade Agreement, which came into effect in the early 1990s. Additionally, Trump said he would pull the U.S. out of the Trans-Pacific Partnership, or TPP, which would have created a 12-country free-trade bloc.
In Asia trade, the yen climbed, with the greenback fetching as little as 113.42 yen, off an early high of 114.43 yen and well below the more than 115 yen it garnered on Friday. The pound was also up against the dollar, fetching around $1.2433 at 11:03 a.m. HK/SIN, off an early low of $1.2352.
The dollar index, which measures the greenback against a basket of currencies, dropped as low as 100.29 in Asia trade, off an earlier high of 100.67, and down from levels as high as around 101.50 on Friday.