The dollar slid versus the euro and pound Monday after The Wall Street Journal reported that Donald Trump would not immediately impose tariffs upon his inauguration as US president.

The euro was weaker against the dollar, but the risk of it falling below parity with the dollar in the first quarter of the year has fallen, according to MUFG.

The dollar is under pressure today after President Trump refrained from imposing new tariffs on Asian and European goods on his first day in office. Also, today’s decline in T-note yields weakened the dollar’s interest rate differentials and weighed on the dollar.

The US dollar tumbled on Monday ahead of Donald Trump’s inauguration, after the incoming president’s officials indicated he would not immediately launch trade tariffs against some of the US’s largest trading partners.

The euro last traded up but looked at risk of falling on the prospect of immediate trade tariffs following Trump’s inauguration later, ING said.