The dollar took a dive on Monday after U.S. President-elect Donald Trump was quoted as saying he will not impose trade tariffs straight after his inauguration, which is set to take place later in the session.

On his first day in office, Trump reiterated his promise to tariff and tax foreign countries, but did not officially impose any.

President Trump said in his speech that enacting tariffs on other countries would be a way to raise U.S. revenue and avoid extra taxes on Americans. "Instead of taxing our citizens to enrich other countries,

The dollar nursed broad losses on Tuesday after U.S. President Donald Trump stopped short of imposing new tariffs and reports suggested any new taxes would be imposed in a "measured" way, a major relief for trade-exposed currencies.