Early trade in NY: Dollar sinks to seven-week low on Trump uncertainty

The dollar fell to a seven-week low against a currency basket on Monday, weighed by concerns about the early days of US President Donald Trump's administration that have so far been marred by protests, a protectionist inauguration speech and angry comments on Twitter.
The safe-haven yen has been the main beneficiary of US political uncertainty, rising for a second straight session against the dollar. The yen has gained nearly 3 percent since the start of the year.
Trump's "America first" message was followed over the weekend by co-ordinated protests in US cities, testy exchanges between members of his top staff and media and confirmation that key trade pacts were heading for the shredder.
In mid-morning trading, the dollar index, which measures the greenback against six major rivals, fell 0.3 percent to 100.43 led by a 0.9 percent drop versus the yen to 113.64 yen.
"The new Trump administration did little to reassure nervous investors that the direction of the government will be more towards growing the economy and less toward the divisive and protectionist rhetoric that characterised much of the campaign period," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
Trump said he would begin renegotiating the North American Free Trade Agreement and withdraw from the Trans-Pacific Partnership (TPP).
The dollar index rose around 4.2 percent between Trump's election in November and the end of last year, but has since given back more than 2.5 percent.
Sterling was the other big gainer, hitting a five-week high as investors bet Britain's Supreme Court would rule on Tuesday that the government needs parliamentary approval to trigger formal Brexit talks.
It climbed as high as $1.2477, its strongest level against the dollar since December 19, and pushed its way towards a two-week high against the euro at 86.20 pence per euro. The euro was up 0.4 percent at $1.0736, on course for its seventh daily rise in the last nine.