Dollar surges to a five-month high as rally spreads

The dollar hit a fresh five-month high on Monday as investors heaved a sigh of relief after US Treasury Secretary Steven Mnuchin declared the US-China trade war “on hold” following their agreement to suspend the tariff threats.

Against a basket of its peers the greenback rose above the 94 line for the first time since late-December 2017, reports Reuters.

Since its rally began on April 17, the dollar has surged more than 5 per cent, its biggest rising streak since late 2015, just before the US Federal Reserve’s first interest rate rise since the 2008 financial crisis.