The dollar rose against most major rivals on Tuesday as markets closely assess the ongoing US-China trade war.

The Organization for Economic Co-operation and Development reduced its US GDP growth forecast to 1.6% in 2025, down from 2.2% in previous forecasts, and for growth to slow even further in 2026 to 1.5%.

Earlier US data showed job opportunities rose to 7.39 million in April from 7.2 in March, while analysts expected 7.11 million.

Otherwise, White House Spokesperson Karoline Leavitt said US President Donald Trump will sign an executive order today to double tariffs on steel and aluminium imports from 25% to 50%.

The dollar index rose 0.6% as of 20:35 GMT to 99.2, with a session-high at 99.3, and a low at 98.5.

Loonie

The Canadian dollar fell 0.1% against its US counterpart as of 20:57 GMT to $0.7288.

Aussie

The Australian dollar fell 0.5% against the US dollar to $0.6462.