In recent weeks, the Chinese yuan has hit its strongest level against the U.S. dollar since the surprise devaluation of the currency in August 2015. The yuan was trading near 6.28 per U.S. dollar Monday morning ET. The dollar is down 3.4 percent against the yuan for the year.
During his presidential campaign, Trump repeatedly said that naming China a currency manipulator would be a priority for his first day in office. But he took no immediate action and within three months of his inauguration, hereversed his position.
The Russian ruble has weakened sharply against the dollar after the U.S. on April 6 sanctioned several Russian oligarchs, officials, businesses and agencies, and froze assets that are under U.S. jurisdiction.
The greenback is up 8 percent against the ruble this year. The ruble traded near 62.3 against the U.S. dollar Monday morning.
The U.S. is expected to announce more sanctions on Russia for its support of Syrian President Bashar Assad. The U.S., U.K. and France conducted airstrikes in Syria over the weekend.
Markets generally expect the Federal Reserve to raise rates at least two more times this year.