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The dollar continued its downward spiral on Friday, dropping to another yearly low versus a basket of currencies. Out of fashion even compared to low-yielding currencies like the yen, the buck has been pummeled this week amid speculation the global economic situation has improved significantly.
Optimism has been reflected in surging stocks of late, causing traders to seek better returns in the higher-yielding euro and sterling.
On Friday, traders shrugged off disappointing Japanese GDP figures, instead focusing on better-than-expected Chinese economic data. Retail sales and industrial production rose in China, bolstering the view that Asia can lead a worldwide recovery.
The dollar plunged to its lowest level since February versus the yen, hitting 90.20. With the loss, the dollar accelerated toward its 13-year low of 87.08, set in January.
Japan downwardly revised its economic growth for the second quarter, to reflect a steeper fall in domestic demand that was partly offset by a faster growth in exports, an official report showed Friday.
Meanwhile, the dollar extended its yearly low versus the euro, dropping to 1.4634. The buck has been drifting steadily lower all summer as stocks continued to improve.
The dollar also fell further versus the sterling, slipping to a monthly low of 1.6741.
In economic news from the US, consumer attitudes brightened in September, according to a closely watched survey.
An improved outlook helped bolster optimism, though the results indicated that consumers remain convinced that they will face a tough economic situation for some time.
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