The dollar slid on Monday after Donald Trump threatened European allies with tariffs over his campaign to take control of Greenland, as the return of trade turmoil reawakened global investors’ concerns about their massive exposure to US assets.
The euro gained 0.4 per cent against the US currency by late afternoon in London, as did the pound, while stock markets fell on both sides of the Atlantic.
Fund managers said the dollar’s decline reflected anxiety that the latest escalation of Trump’s trade war could encourage global investors to sell or hedge US assets — in a revival of a trend that fuelled a 9 per cent fall in the currency’s last year.
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