Dollar hits nearly six-week low against yen on fresh China worries
The dollar tumbled Friday, hitting nearly a six-week low against the Japanese yen after weaker-than-expected China manufacturing data. The dollar slid to ¥122.98 versus ¥123.44 seen in late North American trade on Thursday. The euro rose to $1.1275 against the dollar, compared with $1.1215 on Thursday, which was a one-week high. The ICE U.S. dollar index , a measure of the dollar's strength against a basket of six currencies, fell 0.6% to 95.428. The index is down 1.2% this week so far. Earlier on Friday, The preliminary Caixin China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, dropped to a 77-month low of 47.1 in August, compared with a final reading of 47.8 in July. The news triggered losses across Asia stocks as well as pressuring U.S. stock futures, as global markets are already concerned about a slowdown in China, one of the world's biggest economies.
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