US dollar drops amid growing trade worries

New York (IANS) The US dollar declined as trade concerns persisted around global foreign exchange market, driving up safe-haven currencies including the Japanese yen and the Swiss franc.

The dollar index, which measures the greenback against six major peers, fell 0.57 per cent at 97.5234 in late trading.

In late New York trading on Monday, the euro rose to $1.1202 from $1.1111 in the previous session, and the British pound fell to $1.2141 from $1.2157 in the previous session, Xinhua news agency reported. 

The Australian dollar was down to $0.6760 from $0.6795.

The US dollar bought 106.03 Japanese yen, lower than 106.56 Japanese yen of the previous session. The US dollar fell to 0.9736 Swiss franc from 0.9824 Swiss franc, and it was up to 1.3217 Canadian dollars from 1.3211 Canadian dollars.

US President Donald Trump tweeted last week that he would place an additional 10-per cent tariff on the remaining $300 billion worth of Chinese imports starting on September 1.

The announcement has disrupted market expectations, causing global stock and foreign exchange markets to slump, said Zhang Yansheng, a researcher with the China Center for International Economic Exchanges.