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The dollar falls as technical selling and positioning weigh

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News Tech: The US dollar fell across the board on Friday after a survey of purchasing managers showed U.S. business activity slowed in the manufacturing and services sectors in February as businesses heightened concerns about the coronavirus. . The IHS Markit Flash Services Sector Purchasing Managers’ Index fell to 49.4 this month, its lowest level since October 2013, marking the first contraction since his 2016 in a sector that accounts for about two-thirds of the US economy. is showing. Economists polled by Reuters had forecast a figure of 53.

Japan’s currency has come under pressure this week as coronavirus cases in South Korea and Japan, coupled with this week’s dismal economic news from Japan, sparked a debate that the country is already in recession. “Fundamentally, a weaker yen is clearly bearish, but the momentum behind the yen as a safe haven is the outperforming currency,” Action Economics CEO Jonathan Courtley said in a report. will continue to be on the list of Japan as the world’s largest creditor nation, so geopolitical or financial stress usually pushes the yen higher.

Manufacturing narrowly escaped a slide into contraction with a flash of 50.8, the lowest since August. The US dollar fell 0.51% against its basket of six other currencies. The yen has rebounded from a 10-month low in the previous session, driven by an overall weaker dollar and increased safe-haven demand. The yen gained 0.5% against the dollar on Friday after declining 2% against the dollar over the past two days on concerns over the health of the Japanese economy.

Authorities said on Friday that hundreds of people in Chinese prisons had contracted the novel coronavirus. Outside of Hubei province, the epicenter of the outbreak, there has been a surge in reported cases, including 100 in South Korea. The Australian currency traded little changed against the US currency after falling to her 11-year low on Friday. The impact of the coronavirus outbreak in China, Australia’s largest export market, weighed heavily on Australia in recent sessions. The New Zealand dollar was almost unchanged on the day. The antipode currency has fallen almost 6% since the beginning of the year so far.

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