Dollar dips as Donald Trump eases stance on China tariffs

The dollar dropped to a one-month low after President Donald Trump appeared to soften his approach toward tariffs on China. Stock futures fluctuated after the S&P 500 scaled a fresh peak. The president said in an interview with Fox News that he would “rather not” use tariffs against the world’s second-largest economy. He has also, so far, held back from imposing tariffs on Europe, though he warned of levies against Canada and Mexico.

The dollar index dipped 0.4% on Friday and was on track for its biggest weekly decline in 14 months. Asian and European stocks rallied. Gold rose to near a record high, trading around $2,781 an ounce.