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.

President-elect Donald Trump is calling a report from The Washington Post about him considering scaling back his tariff plans, “fake news.”

"The story in the Washington Post, quoting so-called anonymous sources, which don't exist, incorrectly states that my tariff policy will be pared back. That is wrong. The Washington Post knows it's wrong.