Dollar slides, stocks jump as Trump signals pause on Iran strikes
FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
LONDON, March 23 : The dollar plunged and stocks surged on Monday after U.S. President Donald Trump said he had asked the Department of Defence to postpone "any and all" military strikes against Iranian power plants and energy infrastructure for five days.
The dollar had traded higher against most other currencies until the headline hit, sending the euro up over 1 per cent into positive territory to $1.158, from around $1.487 earlier. The dollar index fell 0.3 per cent, having shown a 0.6 per cent rise earlier on.
U.S. stock futures jumped over 2 per cent, while the STOXX 600 erased daily losses to turn positive. It was last up 0.7 per cent, having been down over 2.2 per cent in early trade.
