2019.05.1316:54:00UTC+00Dollar Exhibits Mixed Trend Against Major Rivals

The U.S. dollar turned in a mixed performance against other major currencies on Monday, with traders weighing the likely impact of China's retaliatory measures against the U.S. on the global economy.

The Chinese currency yuan dropped by over 1% against the greenback amid an escalation in trade tensions between the U.S. and China.

The yuan dropped to around 6.9200 before regaining some lost ground, recovering to 6.9119.

China shrugged off a warning from U.S. President Donald Trump and announced plans to raise tariffs on $60 billion worth of U.S. goods.

Last week, after China spoke about "necessary countermeasures" in response to the U.S. tariff increase, Trump warned the situation "will only get worse" if China retaliates.

"I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China," Trump tweeted. "You had a great deal, almost completed, & you backed out!"

Against the Euro, the dollar was up marginally at 1.1230 and against British Pound Sterling, it was up 0.3% at 1.2961 a Sterling.

The Japanese yen was up on safe haven appeal. The currency strengthened to 109.03 before giving up some gains, as it retreated to 109.31 a dollar, still up nearly 0.6%.

The greenback was up 0.45% against the loonie and up 0.8% against the Aussie, but lost ground against Swiss franc, easing 0.5% to 1.0066.