The dollar eased as the Trump trade might have run its course for now, MUFG said, adding that Powell’s remarks that there was no hurry to cut rates also had limited upward momentum for the dollar, pointing to a potential consolidation phase for the currency.

Last week, Donald Trump’s stunning political comeback to the White House and a Republican sweep in Congress sparked knee-jerk rallies in the U.S. stock market and other risk assets. But a little more than a week later,