Asian markets were mostly higher on Monday, as investors try to make sense of U.S. President Donald Trump's policy noise.
Since Trump's inauguration on Jan. 20, there has been a flurry of actions that run the gamut from immigration to financial deregulation to tighter border control.
Amid increased uncertainty, the market is caught between a situation of "Trump-flation", that is higher yields and stronger dollar, or "Donald Doubt," which sees a softer dollar and lower yields due to protectionism and dollar jaw-boning, said Mizuho Bank's Vishnu Varathan in a Monday note.
The dollar index remained below the 100 handle, to trade at 99.804 during Asian time against a basket of currencies. The dollar has been flailing ever since the Trump administration made its preference known for a weaker dollar.
"Fading Trump-phoria and rising policy execution doubts, on top of activity improvement globally, drive U.S. dollar lower in the interim," Varathan said.