The US dollar in July nabbed its longest losing streak since 2011, even as Wall Street clocked a fourth consecutive month of gains.
The S&P 500 ended the day 0.1 per cent lower at 2,470.30, while the Dow Jones Industrial Average rose 0.3 per cent to 21,891.12, closing at a record high. However, both S&P 500 and Dow both managed to clock their fourth straight months of gains, with the S&P 500 rising 1.9 per cent and the Dow gaining 2.5 per cent over the period.
Tech stocks regained their vim after brief tumult last month amid strong results from some of the biggest tech names. The Nasdaq Composite declined 0.4 per cent to 6,348.13 on Monday but was up 3.4 per cent for the month.
The rally in US stocks has come amid a strong batch of earnings. Of the 57 per cent of companies on the S&P 500 that have reported results so far, nearly three-quarters have posted upbeat earnings and sales in the second quarter. Of the 11 major sectors, energy is expected to lead earnings growth, benefitting from easier comparisons and following a protracted slump in crude prices that has dragged on the sector. Tech is expected to be the second highest, with earnings per share growth of 12.9 per cent, according to FactSet data.
By contrast, the US dollar had a tougher time, dragged lower by disappointing economic data that has weakened the argument for further tightening by the Federal Reserve, as well as political uncertainty from the White House.
The dollar index, a measure of the buck against a basket of peers, ended the day 0.5 per cent lower. That took its monthly drop to 2.9 per cent — its worst performance since March 2016. The dollar index also declined for its fifth consecutive month, the longest losing streak since April 2011.