Before Trump's inaugural address, the dollar had fallen more than 1 percent on news that he would issue a memo directing federal agencies to investigate and work to improve the persistent trade deficit. Despite this, Trump did not impose any new or higher tariffs, said Kristina Clifton, an economist at the Commonwealth Bank of Australia (CBA). He reiterated plans to crack down on illegal immigration, reduce inflation by declaring a national energy emergency, end the Green New Deal and revoke electric vehicle mandates. The full market reaction to Trump's speech will not be known for several hours as U.S. markets were closed on Monday for the Martin Luther King holiday. She added that US political expectations for a new policy announcement this week may have been too high, and as a result, the dollar could continue to slide.