Stocks steadier as euro leaps on likely rate hikes By Reuters - Investing.com

Stocks steadier as euro leaps on likely rate hikes By Reuters - Investing.com

May 23, 2022 1 min, 15 secs

and European stocks mostly rallied on Monday, with the S&P 500 trading just above bear market territory, while the euro jumped after the European Central Bank said it was likely to lift its deposit rate out of negative territory by September.

Oil prices slid and gold extended recent gains, but the dollar fell further as investors cut their bets on more advances in the greenback based on market expectations of yields moving higher still from Federal Reserve monetary tightening.

That's been saying to the equity market that the put isn't there and therefore the equity market needs to adjust as well.".

"I don't think we have reached rock bottom yet, it's a bear market rally.

The dollar index, which tracks the greenback against a basket of other major currencies, was down 0.729%.

The index rose by about 16% to a two-decade high over the 12 months to mid-May.

"The dollar may be carving out a peak, given Europe's resilience to the energy shock and potential easing of lockdowns in China," said Commonwealth Bank of Australia (OTC:CMWAY) strategist Joe Capurso.

By Anisha Sircar and Devik Jain (Reuters) - The S&P 500 and the Dow rose on Monday, led by gains in banks and Apple after a sharp selloff last week, while a slide in Tesla...

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