Dollar index sinks below 99 mark amid renewed US-China tariff tensions
The US dollar index sank under 99 mark on Monday amid renewed trade tensions between the United States (US) and China after the US President Donald Trump claimed on Friday that China had violated their trade agreement. In a counter statement on Monday, Chinas Ministry of Commerce said the US had seriously undermined the agreement reached during Geneva talks in May, where both nations agreed to significantly lower tariffs on each other's goods. If the US persists in its unilateral approach and continues to harm China's interests, China will resolutely take strong measures to safeguard its legitimate rights and interests, the MOFCOM spokesperson noted. The dollar also weakened after President Donald Trump announced on Friday that the US will double tariffs on steel imports to 50% starting June 4. The dollar index that measures the greenback against a basket of currencies is quoting at 98.63, down more than half a percent. Among basket currencies, EURUSD and GBPUSD are staying elevated by more than 0.6% at $1.1446 and $1.3554 respectively. Meanwhile, investors now await Powell speech and US ISM Manufacturing PMI for May for further cues.
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