The US dollar dipped against a basket of major currencies and global stocks tumbled to one-week lows as declines by long-dated US bond yields and concern about a trade dispute between the United States and China stoked fear of a downturn in the United States.

The Bank of Canada has worried that the trade dispute is weighing on global growth and commodity prices.

Money markets and a strong majority of economists polled by Reuters expect the central bank to leave its benchmark interest rate unchanged at 1.75 percent, after it hiked the rate in October for the fifth time since July 2017.