Dollar Rises on Iran Sanctions, Canadian Dollar Weakens on Tariffs
The US dollar rose on Monday after President Donald Trump's administration announced an expansion of sanctions on Iran and separate tariffs on goods from Canada.
The greenback extended gains after US Treasury Secretary Scott Bessent announced the expansion of secondary sanctions in hopes they will 'sever every economic lifeline' that sustains Iran, according to Reuters.
The dollar index, which measures the greenback against a basket of currencies, rose 0.17% to 98.99, with the euro down 0.14% at $1.1663.
The Canadian dollar weakened by 0.61%, its biggest drop since June 17, versus the greenback to C$1.385 per dollar after Washington imposed 50% tariffs on Canadian goods, with Canada promising to retaliate 'dollar for dollar' on the new levies.