U.S. and European stocks rose while the U.S. dollar slumped to a two-week low following the release of improving Chinese economic data and positive comments from Treasury Secretary Janet Yellen. The U.S. official explained that she is becoming increasingly confident that the U.S. will manage to contain inflation without inflicting too much damage on the labor market
S&P 500 futures rose by 0.3%, while those on the Nasdaq 100 gained 0.5%. Futures listed on the Dow Jones Industrial Average rose by 0.2%. In Europe, the Stoxx 600 climbed higher by 0.4%.
The Bloomberg Spot Dollar Index declined by 0.4%, marking a two-week low for the greenback. The euro climbed by 0.3% to $1.0729, while the British pound rose 0.4% to $1.2521. The offshore yuan climbed 0.7% to 7.3164 per dollar while the Japanese yen also gained 0.7%, standing at 146.84 per dollar.