Dollar Slide Deepens as Euro Strength Saps Stocks: Markets Wrap
- Economists bump up 2018 outlook for euro-area; oil edges up
- China’s yuan touches 2-year high; Mexican peso leads EM rally
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Despite a U.S. holiday, the dollar dominated trading on Monday as it headed for a fourth day of declines, weakening against every major currency. The euro’s jump weighed on European stocks, while gold gained.
Bloomberg’s dollar index approached its lowest level in three years as the euro extended gains that have pushed it to the strongest since 2014. The Stoxx Europe 600 Index struggled, ending lower as the common currency provided a headwind to the region’s exporter-heavy gauge. Mexico’s peso was the big outperformer as emerging currencies gained, while the yuan touched a two-year high as the People’s Bank of China raised the currency’s fixing. West Texas oil fluctuated before climbing for a sixth day.