Economics
Dollar, Yen Gain as Global Slowdown Spurs Haven Bid
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The dollar and yen strengthened versus most of their major counterparts as signs of an economic slowdown in Asia and Europe boosted demand for haven assets.
The yen gained against the higher-yielding Australian and New Zealand dollars after a Chinese gauge indicated that factory output contracted for two consecutive months for the first time since 2009. Japan’s Tankan report showed pessimism among the nation’s large manufacturers deepened. The U.S. currency touched the strongest level in three weeks versus the euro before data today that may indicate the jobless rate in the 17-nation region climbed to a record in August.