The dollar took a breather on Thursday after hitting its highest level against the yen since 2002, and stocks stuttered as high-flying Chinese shares tumbled and European officials downplayed talk of an imminent deal to keep Greece afloat.
European shares fell on Monday, weighed down by worries over a looming cash crunch in Greece, while the dollar rebounded after concern over the U.S. economy drove the currency to four-month lows on Friday.
Sterling was the biggest gainer amongst major currencies on Friday, hitting its highest in over two months against the dollar, on relief that the Conservative Party was set for a surprise outright win at the British national election.
A strengthening labor market and lower gasoline prices mean Americans have extra cash for the holidays. Some economists are forecasting the money will keep flowing into, and out of, consumers’ pockets next year.