President-elect Donald Trump railed on social media over the weekend against a group of emerging economies for their attempts to circumvent the dollar. While markets mostly took Trump's words in stride,

President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration.

Monday’s gains marked the latest leg of a powerful rally for the US dollar, which was boosted by Trump’s win in last month’s presidential election. Investors have been betting that Trump’s tariff plans will be inflationary, hampering the Federal Reserve’s ability to reduce interest rates.