The dollar hits a 5-month high as US-China trade tensions cool

President Donald Trump, right, shakes hands with Chinese President Xi Jinping during a dinner at Mar-a-Lago, Thursday, April 6, 2017, in Palm Beach, Fla. AP Photo/Alex Brandon

The US dollar surged to a fresh five-month high Monday morning amid a wind-down of US-China trade tensions and as markets poise for faster growth.

The currency rose as high as 94.06 on the US dollar index, which measures the dollar against its major peers. The greenback has rallied in recent months, gaining about 5% since mid-February.

After high-stakes talks in Washington last week, Beijing agreed to “substantially” reduce the US-China trade deficit. US Treasury Secretary Steven Mnuchin said the Trump administration is “putting a trade war on hold.

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