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U.S. dollar falls on renewed concern at U.S. economy

U.S. dollar falls on renewed concern at U.S. economy

The U.S. dollar touched its lowest level so far this year against the yen in Asia on Friday after weak U.S. data fuelled concerns about the world's biggest economy, analysts said.
The dollar fell briefly to 86.93 yen in Tokyo afternoon trade, the first time it had dipped below 87 yen since July 1, and its lowest since early December.
The dollar had already plunged into the mid-87 yen range in New York on Thursday as weak U.S. economic data dampened hopes for a rapid exit from recession.
The euro bought US$1.2921 in Tokyo compared with US$1.2922 in New York after soaring past US$1.29 for the first time in more than two months. Against the Japanese currency, the euro fell to 112.44 yen from 113.11 yen.
"The U.S. economy, which had been believed to be staging a solid recovery, now seems to be stalling," said Hachijuni Bank dealer Masatsugu Miyata.
"Risk aversion triggered yen buying," he said, adding that investors believed the Japanese economy was more stable.
Dealers said the dollar might fall toward 85.00 yen.
U.S. data such as a consumer sentiment survey and the consumer price index to be released later Friday could be a trigger for such a slide if they turn out to be worse than expected, said Barclays Capital chief Japan strategist Masafumi Yamamoto.
The dollar was mixed against other Asian currencies, edging up to 9,050.00 Indonesian rupiah from 9,046.25 on Thursday, while falling to NT$32.06 from NT$32.13.
The greenback fell to 1.3747 Singaporean dollars from 1.3759 and 32.22 Thai baht from 32.30 while holding steady at 46.30 Philippine pesos.


Updated : 2020-12-02 18:04 GMT+08:00