GLOBAL-MARKETS-Stocks gain as political tumult eases; worst week for dollar in year

Fri May 19, 2017 4:06pm GMT

* Graphic: World FX rates in 2017

* Dollar heads for biggest fall in year on Trump woes

* U.S. stocks up in morning trading

* Oil set for second week of gains on output curbs (Updates with early U.S. markets' activity)

By Caroline Valetkevitch

NEW YORK, May 19 (Reuters) - The U.S. dollar fell and was poised for its worst week in more than a year while world stock markets edged up on Friday amid some calm following declines earlier in the week spurred by uncertainty relating to Donald Trump's U.S. presidency.

On Wall Street, key stock indexes climbed, led by energy shares. The S&P energy index was up 1.1 percent along with a jump in oil prices.

The U.S. dollar slipped 0.7 percent on Friday and was down about 2 percent for the week, its worst week since April 2016. Besides worries surrounding Trump, the U.S. currency has suffered from a resurgent euro, which has gained more than 2 percent this week.

"The dollar overall, across the board, has been getting beat up this week and a lot of that has to do with the political risk here in DC," said John Doyle, director of markets at Tempus Inc in Washington. "While we saw a little bit of a reprieve yesterday, we’re right back on that dollar weakness train."   Continued...

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