The US dollar rose against most major currencies during Monday trading, maintaining its gains as investors monitored escalating trade tensions.

US President Donald Trump announced on Saturday his decision to impose a 30% tariff on the European Union and Mexico starting from August 1.

Despite this decision, officials from the European Union and Mexico expressed their willingness to continue negotiations with the United States.

In a separate context, Trump continued his pressure on the Federal Reserve, demanding its chairman Jerome Powell to resign immediately. Trump also called for lowering interest rates to below 1% from the current level.

Later this week, US inflation data for the past month will be released to gauge the impact of the trade war on prices.

As for trading, the dollar index rose at 20:09 GMT by 0.2% to 98.08 points, recording a high of 98.1 points and a low of 97.7 points.

Australian Dollar

The Australian dollar fell against its US counterpart at 20:26 GMT by 0.5% to 0.6547.

Canadian Dollar

The Canadian dollar declined against the US dollar at 20:26 GMT by 0.1% to 0.73.