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Stocks climb, dollar dips as traders price accommodative Fed

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Global stocks rose to their highest in five months and the dollar dipped on Monday as traders began to price in an accommodative stance from the U.S.

European markets extended a run of gains, helped by a jump in shares in German lenders Deutsche Bank and Commerzbank after they confirmed over the weekend they were in talks to merge. The pan-European STOXX 600 index rose 0.3 percent, hitting a five-month high.Britain's FTSE 100 outperformed its European peers with a 0.

In particular focus will be the whether policymakers will have sufficiently lowered their interest rate forecasts to more closely align their"dot plot", a diagram showing individual policymakers' rate views for the next three years.Also expected is more detail on a plan to stop cutting the Fed's holdings of nearly US$3.8 trillion in bonds. The two-day meeting ends with a news conference on Wednesday.

A marked decline in Treasury yields has dragged on the dollar, leaving it at 111.53 yen from a top of 111.89 on Friday.

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