The euro and Japanese yen posted monthly gains against the dollar on Monday as both currencies benefited from a global stock-market panic and concerns that the Federal Reserve might wait until the end of the year — or longer — to raise interest rates.The yen USDJPY, -0.40% gained 2.2% against the dollar in August to trade at ¥121.24, its largest monthly gain against the U.S. currency since January 2014, when it rose 3.2% against the dollar.
The euro EURUSD, +0.4906% rose 2.2% against the dollar in August to trade at $1.1217, its largest monthly gain since April, when it surged 4.6% against the dollar.
Traders had sold euros and yen and bought higher yielding emerging-markets currencies hoping to profit off the interest-rate spread. But after China devalued its currency on Aug. 11, investors sold emerging-markets currencies and bought euros. The yuan USDCNY, -0.0627% finished the month down 2.7% against the dollar.
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