Forex
Dollar Soars Amid Iran Sanctions and Canada Tariffs
The US dollar gained strength on Monday after the Trump administration announced an expansion of sanctions on Iran and separate tariffs on goods from Canada.
US Treasury Secretary Scott Bessent announced the expansion of secondary sanctions, aiming to 'sever every economic lifeline' that sustains Iran. The dollar index rose 0.17% to 98.99, with the euro down 0.14% at $1.1663.
The Canadian dollar weakened significantly after Washington imposed 50% tariffs on Canadian goods. Prime Minister Mark Carney said a 'mutually beneficial deal' was possible if Americans respect Canada's sovereignty.
Bitcoin gained 2.05% to $78,993.42, its largest weekly gain in nearly three-and-a-half years last week.