The dollar rallied on Tuesday after plunging the previous day and stocks rose as Donald Trump's return to the White House brought mixed messaging on tariffs and highlighted markets' twitchiness about trade policy.

Things left unsaid during Donald Trump’s presidential inauguration speech and accompanying festivities Monday appeared set to give U.S. stocks a lift, while pulling down the dollar and U.S. Treasury yields. Bitcoin, which soared to a record above $109,000 early Monday, was also pulling back.

The dollar fell broadly on Monday, while European stocks jumped, after an official for the incoming U.S. administration said President-elect Donald Trump would stop short of imposing tariffs at his inauguration,

Markets rose after Trump's day-one trade policy was softer than feared, with the President holding off on issuing new tariffs via executive order.

European and Asian stock markets diverged Tuesday and the dollar rallied as Donald Trump wasted no time in starting his second term as US president with a raft of announcements affecting the global economy.

Trump was quoted saying his team was thinking of tariffs around 25% which could be announced on Feb. 1 but offered no other specifics.

The dollar struggled to regain ground against major currencies on Wednesday, hovering close to two-week lows as a lack of clarity on President Donald Trump's plans for tariffs kept financial markets guessing.

The dollar strengthened against most major peers after US President Donald Trump reiterated he was weighing a 10% tariff on China.