The dollar index, which tracks the greenback against a basket of trade-weighted peers, was flat at 96.97.
A gauge of U.S. economic activity that improved in April to its highest level since late 2014 helped limit the dollar's losses.
The White House is set to deliver Trump's first full budget to lawmakers later on Tuesday. The plan would cut $3.6 trillion in government spending over 10 years, balancing the budget by the end of the decade.
Presidential budgets are often ignored by Congress, which controls federal purse strings.
But the budget plan, which proposed the sale of half the country's strategic oil reserves, weighed on crude futures, offsetting optimism over expectations that other major oil producers would agree to extend supply curbs this week.
Global benchmark Brent retreated 0.8 percent to$53.44 a barrel.
U.S. crude futures gave up all their earlier gains to edge lower to $50.71, after hitting their highest level in more than a month earlier in the session.
The weaker dollar lifted gold slightly. Spot gold climbed 0.1 percent to $1,261.56 an ounce in its third straight session of gains.
The White House is set to deliver Trump's first full budget to lawmakers later on Tuesday. The plan would cut $3.6 trillion in government spending over 10 years, balancing the budget by the end of the decade.
Presidential budgets are often ignored by Congress, which controls federal purse strings.
But the budget plan, which proposed the sale of half the country's strategic oil reserves, weighed on crude futures, offsetting optimism over expectations that other major oil producers would agree to extend supply curbs this week.
Global benchmark Brent retreated 0.8 percent to$53.44 a barrel.
U.S. crude futures gave up all their earlier gains to edge lower to $50.71, after hitting their highest level in more than a month earlier in the session.
The weaker dollar lifted gold slightly. Spot gold climbed 0.1 percent to $1,261.56 an ounce in its third straight session of gains.
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