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Currencies: Dollar extends slight gains as global equity markets slump

The U.S. dollar on Monday was trading slightly higher against its major rivals, strengthening tepidly versus the euro and pound, as the currency looked set to extend a recent comeback after employment data on Friday indicated a pickup in stubbornly low wages and inflation.

Fears of a return of inflation sent assets perceived as risky sharply lower on Friday because they imply that the Federal Reserve may have to raise interest rates at a faster pace than the three or four the market has priced in—a boon for greenback but a short-term negative for stocks as borrowing costs look set to rise.

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