May 21, 2018 / 7:24 AM / 3 months ago

Dollar surges to a 5-month high as rally spreads

LONDON, May 21 (Reuters) - The dollar hit a fresh five-month high on Monday as investors heaved a sigh of relief after U.S. Treasury Secretary Steven Mnuchin declared the U.S.-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.

Since its rally began on April 17, the dollar has surged more than 5 percent, its biggest rising streak since late 2015, just before the U.S. Federal Reserve’s first interest rate rise since the 2008 financial crisis. (Reporting by Saikat Chatterjee)

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