The dollar began the week with modest gains after a brief threat of US tariffs on Colombia made clear the trade risk that still hangs over the currency market.

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 was modestly lower on Thursday in a choppy session, after comments from U.S. President Donald Trump called for lower interest rates while providing no clarity on tariffs, and investors awaited a round of policy announcements from global central banks.