A person wearing a face mask with a U.S. currency print in Philadelphia in May. Photo: Bastiaan Slabbers/NurPhoto via Getty Images

The dollar is falling back toward its March lows, moving lower against all six of the world's major currencies on Tuesday. The decline has been spurred by rising stock markets around the globe, which have unwound the dollar's safe-haven appeal.

What's happening: Improving data in Europe and the U.S. have bolstered risk-on sentiment.

  • Manufacturing and service sector activity improved in Germany and France and in the eurozone overall, as the bloc saw its composite flash purchasing managers index jump to 47.5 from last month's reading of 31.9.
  • U.S. PMI also beat expectations, as did a reading on new home sales and the Richmond Fed's manufacturing index
  • The euro rose comfortably above $1.13 and is nearing its 2020 high.

Yes, but: The dollar also fell to its lowest in six weeks against the Japanese yen, suggesting the greenback's weakness is broad-based and not entirely due to improving risk appetite. (Investors typically sell the yen when risk appetite increases, making the dollar's recent weakness against the currency unusual.)

  • Analysts say the Fed's extreme monetary policy actions since March — taking U.S. interest rates to 0 and making it the central bank with the world's biggest balance sheet — could mean the dollar continues to weaken.

Watch this space: The decline in the dollar and uptick in coronavirus cases helped gold rise to its highest level since October 2012, breaking out of a range it has held in since April.

Go deeper ... Yale economist: Dollar will fall 35% "sooner rather than later"

Go deeper

Dion Rabouin, author of Markets
Aug 31, 2020 - Economy & Business

Manufacturing in the Midwest is improving, but still weak

Data: Institute for Supply Management; Chart: Axios Visuals

Manufacturing in the Midwest, a telltale sign for the overall health of the industry, is recovering but not as fast as hoped and employment continues to lag, new data show.

What's happening: The August reading of the Chicago Business Barometer, or Chicago PMI, fell seven-tenths on the month to 51.2, but was the second consecutive reading above 50 after having been below that number for about a year.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 30,241,377 — Total deaths: 947,266— Total recoveries: 20,575,416Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 6,681,251 — Total deaths: 197,763 — Total recoveries: 2,540,334 — Total tests: 91,546,598Map.
  3. Politics: Trump vs. his own administration on virus response.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.
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Anxious days for airline workers as mass layoffs loom

Sara Nelson, president of the Association of Flight Attendants, during a Sept. 9 protest outside the Capitol. Photo: Alex Wong/Getty Images

The clock is ticking for tens of thousands of anxious airline employees, who face mass reductions when the government's current payroll support program expires on Sept. 30.

Where it stands: Airline CEOs met Thursday with White House Chief of Staff Mark Meadows, who said President Trump would support an additional $25 billion from Congress to extend the current aid package through next March.