Dollar Hits 12-Week Low on Trump

• Dollar Hits 12-Week Low on Trump

Global stocks turned higher while the dollar stabilized after its worst month since March as investors weighed the impact of Donald Trump’s policies ahead of a Federal Reserve policy decision.

European stocks climbed with S&P 500 Index futures. Tokyo stocks erased an early loss and Indian equities rallied after the government unveiled its annual budget. The greenback strengthened against almost all its major peers, after dropping Tuesday as the Trump administration reiterated its preference for a weaker currency. Oil stayed below $53 a barrel, while gold retreated after its best rally since June. Apple Inc. shares jumped in after-hours U.S. trading as earnings beat estimates.

The dollar slid Tuesday after Trump said China and Japan play their money markets and trade adviser Peter Navarro called the euro “grossly undervalued.” Several currency strategists alleged the claim against the euro is “false” and urged people to “ignore” Navarro, while Japan’s top currency official said the country doesn’t manipulate the yen and its monetary policy is done for purely domestic reasons.

The currency comments came as investors assessed the fallout from Trump’s executive order on immigration. The political drama has dimmed enthusiasm for the administration’s pro-growth promises and overshadowed data showing the global economy may be firming. Meanwhile, the president’s nomination of Neil Gorsuch to the Supreme Court is likely to set up a contentious confirmation fight in the Senate. Investors are also wrestling with a spate of corporate results before the Fed’s latest interest-rate decision.