The market is rallying to start the year. January pops are common. And a weaker dollar could fuel further gains.

The US dollar pared a sharp decline against most major currencies on Monday after US President-elect Donald Trump denied a report that his tariff plans won’t be as broad as originally feared, with the currency volatility buffeting traders who have piled into long positions on the greenback to open the year.

The U.S. dollar was lower on Monday in choppy trading after conflicting reports about how aggressive President-elect Donald Trump's tariff plans could be when he takes office. The dollar dropped as much as 1.

President-elect Donald Trump denied a report about his transition team developing a tariff plan that would be more restrained than his campaign proposals.

"Welcome to the age of Trump 2.0," ING Economics said of the whiplash in the dollar after a report from The Washington Post and Donald Trump's response.

Global stocks rose while the U.S. dollar index dropped on Monday after President-elect Donald Trump denied a newspaper report that his incoming administration would likely pursue a less-aggressive tariff policy than he previously threatened.

President-elect Donald Trump denies a Washington Post report that he would consider applying a tariff to all countries but be limited to specific critical imports.