Golden Finance reported that before Trump delivered his inauguration speech, the dollar had fallen by more than 1% due to news that he would issue a memorandum instructing federal agencies to investigate and work to improve the ongoing trade deficit. Kristina Clifton, economist at Commonwealth Bank of Australia (CBA), said that despite this, Trump did not impose any new or higher tariffs (in the speech). He reiterated plans to crack down on illegal immigration, reduce inflation by declaring a national energy emergency, end the Green New Deal and revoke the electric vehicle mandate. U.S. markets were closed Monday for the Martin Luther King holiday, so the full market reaction to Trump's speech won't be known for several hours. She added that expectations among U.S. political circles for new policy announcements this week may be too high, and therefore the dollar may continue to slide.