The U.S. dollar ended mostly flat against its major rivals Tuesday as investors held off on drastically changing their positions a day ahead of Donald Trump’s scheduled news conference, which could provide clarity regarding the president-elect’s legislative agenda.

The buck has surged 5.2% over the past three months, with much of that coming since Trump’s election in early November. Investors are betting his policies will both accelerate economic growth and stoke inflation, but the size and speed of the rally could leave the currency vulnerable if expectations shift.

The ICE U.S. dollar index DXY, -0.08% , which looks at the currency against a half-dozen rivals, rose less than 0.1% to 102.01. It remains about 1% away from its highest level since 2002. Meanwhile, the WSJ Dollar Index BUXX, +0.04% , a measure of the U.S. dollar against a basket of 16 major currencies, was flat at 92.65.

Against the yen, the greenback USDJPY, -0.29% traded at ¥115.68 from ¥116.01 late Monday. It dropped to ¥115.20 in Asian trading before rebounding.

“I think some were exiting from dollar-long positions as they remain cautious ahead of tomorrow’s Donald Trump news conference,” said Yuzo Sakai, manager of FX business promotion at Tokyo Forex & Ueda Harlow.

Read: Here’s why Trump’s inauguration could mark a near-term top for stocks

The euro EURUSD, -0.05% traded at $1.0560 from $1.0592 late Monday.

The pound GBPUSD, -0.20% traded at break-even at $1.2167. The U.K. currency has been under heavy pressure of late — it is down 3.4% in January and 16.3% over the past 12 months.

It has been in a downtrend since the U.K.’s June vote to leave the European Union; pressure this week followed U.K. Prime Minister Theresa May over the weekend calling for a definitive break from the EU. At its low of the session, the pound was at its weakest level since October, and it continues to trade near multidecade lows.

Read: Why politics may not be done shaking up global markets

Markets had been betting that Trump’s economic plans would stoke higher inflation in the U.S., causing the Fed to raise rates quicker than previously expected. Higher rates are likely to boost the greenback by making U.S. assets more attractive.

“It’s possible [Trump] will keep talking before his inauguration, but once Trump becomes president, he’ll have to start delivering,” said Koji Fukaya, chief executive at FPG Securities. “If his extreme remarks are toned down to a more realistic stance, that may be warmly received, though it could also cool expectations.”