The dollar struggled on Wednesday to lift off a five-month low against major peers, as worries about the U.S. economy simmered, in view of President Donald Trump's unpredictable trade policies. The euro hovered around a five-month peak on increased optimism for an end to the war in Ukraine.

The Trump administration is not speaking with one voice. Scott Bessent, the new treasury secretary, has stressed that the strong-dollar policy is still in place. But both President Donald Trump and J.

"We would not have expected these market moves at the start of the year," Deutsche Bank, wrote Tuesday, noting the recent decline in the dollar.