The dollar began the week with modest gains after a brief threat of US tariffs on Colombia made clear the trade risk that still hangs over the currency market.

The dollar was modestly lower on Thursday in a choppy session, after comments from U.S. President Donald Trump called for lower interest rates while providing no clarity on tariffs, and investors awaited a round of policy announcements from global central banks.

The U.S. dollar weakened on President Donald Trump’s Inauguration Day, and remained under pressure Tuesday after it became clear immediate tariffs weren’t in the cards, according to BofA Global Research.