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The dollar surged to an 11-month high against the most of the currencies on Monday. China's yuan lost another third of a percent. The yuan fell to its weakest since 2010, before the launch of its offshore market. The japanese yen and the euro both sank by about another full percentage point to multi-month lows. The euro fell to $1.0726, its lowest since the beginning of the year. The dollar index rose 1 percent to 100.04, its highest since December last year.

These moves are because of expectations that Trump's administration would both boost spending and put more restrictions on trade. These steps could put an end to the low inflation which has dominated the past decade.

The 10-year Treasury note yield rose to a 10-month high of 2.3 percent in European trade. "Investors are still struggling to cope with all the implications the new U.S. president may have for the world's economy. The interest rate is expected to increase at the Fed's final policy meeting of the year in mid-December”, said Marius Ghisea, President and CEO of MS Capital Consulting. 

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