Dollar continues to weaken

There was no respite for the dollar on Wednesday, with the greenback extending the decline that’s taken it to the lowest level in three years. U.S. stock futures advanced as European equities nudged higher, and gold added to recent gains.

The dollar slid against almost all its major peers, taking its losing streak to three days as U.S. Treasury Secretary Steven Mnuchin said the decline provides a boost to the American economy through trade.

As the euro gained the Stoxx Europe 600 Index initially fell before reversing, while emergingmarket equities were little changed after eight days climbing. The record winning streak for Chinese stocks in Hong Kong continued. The pound jumped as U.K. employment rose and wage growth ticked higher.

Investors will now likely shift attention to Thursday’s European Central Bank meeting, while they keep an eye on Davos, Switzerland, where the world’s business and political elites have gathered for an annual conference that will feature the leaders of the U.S., U.K. and Germany among others.

The Stoxx Europe 600 Index increased 0.1 percent as of 11:06 a.m. London time, hitting the highest in more than two years with its fifth consecutive advance. The MSCI All-Country World Index gained 0.2 percent to the highest on record. The U.K.’s FTSE 100 Index dipped 0.2 percent. Germany’s DAX Index decreased less than 0.05 percent, the first retreat in a week. The MSCI Emerging Market Index fell less than 0.05 percent, the first retreat in almost two weeks. Futures on the S&P 500 Index jumped 0.2 percent to the highest on record.

Gold increased 0.7 percent to $1,350.11 an ounce, the highest in about 17 months on the largest climb in more than a week. West Texas Intermediate crude advanced 0.1 percent to $64.56 a barrel, the highest in more than two years.