Economics
Dollar Drops as Safety Bid Eases Before Chinese PMI Data
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The U.S. dollar weakened versus most of its 16 major peers on speculation reports tomorrow will show improvement in Chinese manufacturing, brightening the global economic outlook and damping demand for haven assets.
The greenback remained lower after dropping yesterday against the yen as Asian stocks rose and U.S. capital markets prepared to reopen today after Atlantic storm Sandy swept through New York. Appetite for the euro was tempered before data that may show unemployment in Europe climbed to a record, adding to signs the debt crisis is hurting growth. The Australian and New Zealand currencies held gains after figures today showed better-than-expected building approvals.