Dollar Nears 3-month Low, Shares Climb After Fed Tests the Brakes

A man holding an umbrella is silhouetted as he walks in front of an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average in Tokyo, Japan, on July 14, 2022. Issei Kato/Reuters

LONDON—World shares touched a two-month high and the dollar swooped towards a three-month low on Thursday, after Federal Reserve meeting minutes pointed to a slower pace of U.S. interest rate rises from next month.

With Wall Street shut for Thanksgiving, it was up to Europe to continue the rebound in market confidence that has been building for more than a month.