By Ira Iosebashvili
The dollar fell to a more than two-month low against a basket of currencies Monday, as the most recent comments by U.S. President Donald Trump revealed few details about plans for lowering taxes and stimulating the economy.
The Wall Street Journal Dollar Index, which gauges the U.S. currency against a basket of 16 others, was recently down 0.9% at 90.77, the lowest closing level since Nov. 16.
Mr. Trump said Monday that the U.S. will impose a "very major" border tax on companies that move overseas, while promising lower taxes for the middle class and business. The comments did little to shed light on how Mr. Trump intends to push through pledges for tax cuts and infrastructure spending that helped lift the dollar to a 14-year high in the wake of his election.
"The market is growing impatient," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange. "We are really hungry for hard evidence and facts with respect to what policy is going to look like."
Dollar bulls are also worried that Mr. Trump will push other nations to keep their currencies from depreciating against the dollar as he fights for better trade terms for the U.S., said John Hardy, head of FX strategy at Saxo Bank.
The dollar tumbled last week after Mr. Trump broke with decades of tradition and suggested he preferred a weaker U.S. currency. A weaker dollar helps make U.S. exports more competitive overseas.
The dollar was down 1.6% against the yen, to Yen112.70. The euro was up 0.6% at $1.0767, its highest level since Nov. 11. The dollar fell 0.9% against the Mexican peso, to 21.39.
Write to Ira Iosebashvili at firstname.lastname@example.org
(END) Dow Jones Newswires
January 23, 2017 17:54 ET (22:54 GMT)
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