Dollar declines as global stocks rally
The dollar declined as global stock markets rallied on Monday as while other currencies rose.
The four days of losses recorded by the Asian and European stocks played an impact in the US currency decline.
Earlier the greenback had found support as traders remained wary that retail investors who had organised online might continue their assault on hedge fund short positions, sparking more volatility.
Unfortunately, the crowd’s attention has moved to silver with spot silver recording 9% gains in early London trading on Monday.
Strategists at ING said the rise in silver is “a standout” in a relatively subdued opening for commodity and FX markets this week.
Against a basket of peers, the dollar traded flat. The index that measures its strength has been largely range-bound in recent weeks, after bouncing from a nearly three-year low of 89.206 at the start of the year.