The dollar also eased on comments from the Federal Reserve chairman in support of a gradual approach to raising rates. Meanwhile, officials from China and the U.S. are expected to meet later this month to resume trade negotiations, after the last round of trade talks ended with little progress.
The U.S. imposed tariffs on $16 billion of Chinese goods on Aug. 24, with China issuing reciprocal tariffs and threatening to file a complaint with the World Trade Organization. Powell said during a speech at the Jackson Hole Symposium in Wyoming last Friday that "further, gradual" rate hikes were likely in the future, noting the economy is "strong" and able to withstand tighter monetary policy.
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