The U.S. dollar got a fresh jolt to start the week as speculation around potential trade deals sparked an extraordinary spike in Taiwan¡¯s currency and reverberated across global foreign exchange markets.
Already under pressure as U.S. President Donald Trump¡¯s economic agenda dents attitudes around American assets, the greenback weakened further on Monday against most major currencies. A Bloomberg gauge of the dollar wrapped up the session in New York about 0.2% lower after paring earlier declines.
Taiwan¡¯s dollar led gains among the 16 major peers tracked by Bloomberg, earlier jumping the most in more than three decades on an intraday basis. The yen rallied some 0.9%, leading the advance among the Group of 10, while the euro pushed above the $1.13 mark. China¡¯s markets were closed for a public holiday.
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