The dollar has softened concurrently with rallying global stock markets, losing most ground to the pound, which surged. The yen pared intraday gains as the equity rally picked up momentum during the European morning session. The USD index (DXY) dropped by 0.5% to within a pip of Friday’s low at 94.19, while EUR-USD rebounded to a 1.1665 high after earlier pegging a low at 1.1615. Friday’s two-month low at 1.1612 was left untroubled. A turn lower in the dollar and a strong rally in EUR-GBP conspired to lift EUR-USD.
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