The dollar index fell toward 99 on Monday, erasing gains from the previous week as investor sentiment soured amid renewed trade tensions.
The decline followed President Donald Trump's announcement that the US will double tariffs on steel and aluminum imports to 50% starting June 4.
Tensions with China also escalated after Beijing rejected Trump's claim that it had violated the trade agreement reached in Geneva last month, casting doubt on the likelihood of a near-term call between the two nations' leaders.
Still, National Economic Council Director Kevin Hassett said over the weekend that a conversation between Trump and Chinese President Xi Jinping could take place as early as this week.
Market participants are now turning their focus to a series of upcoming US economic data releases including the highly anticipated monthly jobs report on Friday which may offer further insight into the economic impact of shifting trade policies.
Source: Trading Economi
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