The dollar surged on Monday as the United States and China reached a deal to temporarily cut reciprocal tariffs and tamped down concerns that a trade war between the world's two biggest economies could lead to a global recession.

The dollar soared and Treasuries fell as the trade war between China and the US eased, stoking appetite for risk assets.

U.S. and Chinese officials say they have reached a deal to roll back most of their recent tariffs and call a 90 day pause so they can keep talking to resolve their trade disputes