- The dollar remained off nine-month lows against the euro and a number of other currencies as a number of federal reserve officials spoke against the central bank's rate-tightening effort, weighing on equities and pushing the greenback barely off those lows.
- Investors are increasingly drawing comparisons between the situation in the US and the somewhat more optimistic prognosis for Europe, which many believe will avoid recession this year. Equity index futures struggled to build on Friday's momentum that raised the S&P 500 after four days of losses due to predictions of a US recession in the second half of 2023, the ongoing congressional debate over the debt ceiling, and indications from companies.
- The benchmark Stoxx 600 index for Europe was stable, having increased by roughly 7% this year—almost twice as much as the S&P 500. In the meantime, the euro gained strength to its greatest level since April 2022. Following a roughly 6% decline versus the US dollar last year, the euro rose about 2% this year.
