Dollar falls on fears of US protectionism

The G20’s diplomatic blow to global trade put the dollar on its worst run since Donald Trump won the White House earlier.

The greenback, down 0.16c to $1.2412 against the pound, fell for a fourth day running against a basket of global currencies, the longest losing streak since early November.

Market analysts put the latest decline — and caution in equity markets — down to the weekend’s G20 communiqué, which dropped an explicit statement of opposition to protectionist trade policies.

President Trump has threatened to slap huge import tariffs on countries such as China.

The US Federal Reserve’s less hawkish than expected rhetoric on interest rate rises, despite last week’s policy tightening, is also hanging over the dollar.