The dollar rose to a three-week high on Friday, despite uncertainty surrounding US-China trade talks. President Trump said that he did not agree to scrap tariffs on Chinese goods, following reports that US and Chinese officials had agreed to roll them back as part of a ‘phase one’ trade deal.
Trump said that he would not roll back tariffs fully but ensured that a preliminary deal can still be signed with President Xi Jinping in Iowa at the end of the month.
This week, we’ll see inflation rate figures for the US on Wednesday and retail sales on Friday. Federal Reserve Chairman Jerome Powell is due to make speeches on Wednesday and Thursday, and is expected to reiterate the Fed’s stance that it will be ready to cut interest rates if the economy falters.
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