Forex
Dollar Falls from Seven-Week High on Weak US Economic News
The US dollar index DXY fell from its seven-week high on Friday, closing down by 0.03%. The decline came after weaker-than-expected US economic news revealed that August manufacturing production and leading indicators unexpectedly dropped.
August's manufacturing production decreased by 0.3% month-over-month, missing expectations of a 0.3% increase and marking the largest decline in ten months. Similarly, leading indicators fell 0.1%, below forecasts of a 0.1% rise and ending a five-month streak of increases.
The dollar's initial gain on Friday was driven by weakness in the yen, which sank to a two-week low against the US currency. Higher Treasury note yields also supported the dollar's advance.