The dollar drifted just below a three-week high versus major peers on Monday as traders cautiously awaited clarity on US President Donald Trump’s next round of tariffs.

The euro rose slightly following three straight sessions of declines, while the yen edged lower against the greenback, pressured by a rise in US Treasury yields.

The US dollar index, which measures the currency against a basket of six counterparts, was flat at 104.03 as of 0049 GMT, after touching 104.22 on Friday for the first time since March 7. Last week, the index rose 0.4%, its first winning week this month.

The dollar has been under pressure for most of this year as the market’s assumptions that Trump would quickly usher in pro-growth policies transformed into worries that the president’s aggressive and erratic trade policies could trigger a recession.

The next round of tariffs is due on April 2, when the White House will announce reciprocal levies on many countries.

“We downgraded our dollar forecasts last week but still expect some dollar strength from current levels,” Goldman Sachs analysts wrote in a research note.

“The market has rapidly repriced the shift in the growth outlook, and ran ahead of the forecast changes our teams have made for 2025,” they said.

Additionally, “our economists downgraded U.S. growth because we now expect tariffs to rise more substantially, which we think should still be positive for the dollar.”