The dollar tumbled versus the euro Monday morning, unable to sustain recent gains as stock markets around the world turned higher.
Late last week the dollar rallied on speculation the recent rally in equities had run its course. However, stock futures on Wall Street are up sharply ahead of the opening bell, fueling increased risk appetite.
On the economic front, the National Association of Realtors is scheduled to release its report on existing home sales for October at 10 AM ET. Sales by homeowners are expected to have increased to an annual rate of 5.65 million last month from 5.57 million in September.
The dollar gave back its strong gains from late last week versus the euro, dropping to 1.4990 from Friday's 2-week high near 1.4800. With the loss, the dollar edged closer to October's 15-month low of 1.5062.
The buck also gave back ground versus the sterling, slipping to 1.6634 from a 2-week high of 1.6459. Earlier this month, the buck hit a 3-month low of 1.6877 before stabilizing.
Meanwhile, the dollar was able steady versus the yen, improving to 88.90 from a 6-week low of 88.56. Back in January during the throes of the financial crisis, the dollar hit a 1995 low of 87.08.
Resource-backed currencies were back in style Monday morning as commodity prices rose. The dollar dropped to C$1.0560 versus the loonie, down from a 2-week high above $1.0700.
In overseas economic news, private sector business activity in the Eurozone continued to improve, expanding for a fourth month in November, preliminary survey data released by Markit Economics showed Monday.
The Markit flash Eurozone composite output index, which includes both manufacturing and services, rose to a two-year high of 53.7 in November, up from 53 in October.
The global economy has passed the worst due to the rapid policy response and unprecedented policy cooperation, International Monetary Fund Managing Director Dominique Strauss-Kahn said Monday.
"The storm has passed. The worst has been averted," Strauss-Kahn said, according to text of a speech to be delivered at the Confederation of British Industry Annual Conference in London.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.