2022.05.2320:53:00UTC+00Dollar Loses Ground Against Major Rivals As Risk Sentiment Improves

The U.S. dollar drifted lower on Monday, losing ground against most of its major peers, as news about potential easing of lockdowns in China and U.S. President Joe Biden's remarks that he might drop trade tariffs on China resulted in improved risk sentiment.

Biden said that the tariffs imposed on China by the Trump administration will be reviewed after discussing with Treasury Secretary Janet Yellen.

"I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they're under consideration," Biden said.

The dollar index dropped to 102.04, losing nearly 1.1%.

Against the Euro, the dollar weakened to $1.0691 from $1.0565.

The dollar is trading at $1.2582 against Pound Sterling, easing from $1.2493.

Against the Japanese currency, the dollar is little changed at 127.91 yen.

Against the Aussie, the dollar is at 0.7106, nearly 1% down from the previous close.

The Swiss franc firmed to 0.9658 against the dollar, gaining from 0.9748, while the Loonie is stronger at C$1.2773 a dollar, firming from C$1.2840.