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Dollar Hits Five-Week High As Growth, Trade Concerns Trigger Safe-Haven Rally

Martin Baccardax

The U.S. Dollar traded at a five week high against its top global peers Friday as investors plowed cash into safe-haven assets amid questions over the fate of trade talks between Washington and Beijing and deepening concerns for world economic growth. Investors favored cautious assets in overnight and early European trading Friday following comments from President Donald Trump that confirmed reports he won't be meeting with China leader Xi Jinping before their agreed March 2 deadline on trade talks. Yesterday's sharp cuts in growth forecasts by both the Bank of England and the European Commission, as well as dovish signalling from central banks around the world, suggest any hopes of a near-term bounce in global economic growth have been put aside amid rising geo-political risks, slowing corporate earnings and uncertain trade negotiations.