Euro, yen benefit as China stocks unravel

The euro was the primary beneficiary of a selloff in Chinese stocks Monday, finishing the North American session just below $1.11 as nervous currency speculators unwound trades perceived to be risky in favor of the shared currency.

The dollar traded at EURUSD, -0.1172%  $1.1096 recently, up nearly 1% from $1.0991 late Friday in New York.

The euro also traded higher against the British pound EURGBP, -0.1403%  and the Japanese yen EURJPY, +0.09%

The selloff in the Shanghai stock market—the sharpest one-day decline since 2007—helped boost the euro and yen at the expense of the dollar and emerging-market currencies, said Jane Foley, senior FX strategist at Rabobank.

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