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Dollar Drops Versus High-Yield Peers on China Data; Aussie Rises

The dollar weakened against its higher-yielding counterparts after a report showed China’s services industry expanded last month, adding to signs the global economy is recovering.

The U.S. currency fell against the majority of its 16 most-traded counterparts after a Federal Reserve survey found “modest to moderate” economic growth in early July through late August. The Australian dollar climbed for a third day after the nation’s economic growth quickened, while the New Zealand dollar also advanced. The Bloomberg U.S. Dollar Index halted a five-day run of gains that took it to the highest level since July.