Economic news

Dollar tumbles, U.S.-China trade row remains in focus

The dollar dropped versus the safe haven yen and Swiss franc on Tuesday after U.S. President Donald Trump’s intentions to impose additional tariffs on China imports triggered a trade dispute between the world’s two biggest economies worsening outlook for global growth.

Photo: Reuters

Japan's yen jumped 0.8 percent versus the greenback to 109.64 yen, its top in a week.

The Swiss franc added 0.3 percent to 0.9915 franc per dollar.

The yuan sank to a trough of 6.4490 to the U.S. currency at one point, its lowest since Jan. 15.

The Aussie fell to a one-year low of $0.7380, while the Canadian dollar dipped to a one-year trough of C$ 1.3237 overnight.

The euro rose slightly to $1.1623 after touching a two-week low of $1.1541 on Friday.

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