The U.S. dollar rose slightly on Monday after the United States introduced new tariffs targeting Canada. The Canadian loonie weakened in response to the U.S. trade news. Canadian officials stated that Canada will match the U.S. tariffs in equal measure.
Iran's rial currency tumbled to a new historic low as the United States moved to impose more sanctions on the nation. In broader currency markets, hedge funds increased short positions on the dollar before Bessent's fiscal plan. Debt concerns also kept the dollar stuck near multi-month troughs.