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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
Sep 30, 2020 - Economy & Business

Real-time data show economy's rebound slowing but still going

Data: New York Fed; Chart: Axios Visuals

The New York Fed's index of real-time data reversed again in the last week, with data continuing to show a slow but recovering economy that is having trouble returning to its pre-pandemic strength.

What happened: The index was unexpectedly weaker given solid data on U.S. retail sales and the massive outperformance of the Conference Board's consumer confidence index.

DOJ pressed to enforce Al Jazeera foreign agent ruling

Illustration: Aïda Amer/Axios

The Justice Department is being pressed to enforce its own demand that the U.S. arm of Qatari broadcaster Al Jazeera register as a foreign agent.

Why it matters: The launch of Al Jazeera's new right-of-center U.S. media venture, Rightly, has refocused attention on the media company's alleged links to Doha, and DOJ's efforts to crack down on media outlets viewed as foreign interest mouthpieces.

Poll: Immigration is America's most-polarizing issue

Data: The American Aspirations Index/Populace; Chart: Will Chase/Axios

Immigration was found to be the most polarizing issue in America based on new polling from Populace.

Why it matters: Americans have surprisingly similar priorities for the U.S., but immigration stands out as one of the few issues with clear partisan differences. It underscores the challenge for advocates and lawmakers hoping to pass immigration reform in the coming weeks amid narrow margins in Congress.