The dollar inched lower against most major currencies as traders trimmed widely-favored bullish positions on the greenback just hours ahead of Donald Trump’s second inauguration as the US President.

The dollar was hovering near a more than two-year high at the start of a pivotal week on Monday, as Donald Trump re-enters the White House with an inauguration speech that will be of primary focus for investors hoping to decipher his immediate policies.

Goldman Sachs is hardly alone in predicting a further 5% jump in the dollar this year. Commodity Futures Trading Commission data find that investors — from big asset managers to hedge funds — are the most optimistic about the dollar’s upside since 2019.

Speculative currency traders bolstered wagers for an even stronger US dollar in the leadup to President-elect Donald Trump’s return to the White House.

Vice President-elect JD Vance hosted a top-dollar fundraiser in Palm Beach, Florida that attracted some of the top figures and donors in President-elect Trump’s political orbit.

The dollar held gains against the yen on Friday, but ended the week lower after a six-week winning streak, as investors await Donald Trump's presidential inauguration and clarity on the course of the incoming administration's policies.