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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.

8 hours ago - Health

Food banks feel the strain without holiday volunteers

People wait in line at Food Bank Community Kitchen on Nov. 25 in New York City. Photo: Michael Loccisano/Getty Images for Food Bank For New York City

America's food banks are sounding the alarm during this unprecedented holiday season.

The big picture: Soup kitchens and charities, usually brimming with holiday volunteers, are getting far less help.

10 hours ago - Health

AstraZeneca CEO: "We need to do an additional study" on COVID vaccine

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

AstraZeneca CEO Pascal Soriot said on Thursday the company is likely to start a new global trial to measure how effective its coronavirus vaccine is, Bloomberg reports.

Why it matters: Following Phase 3 trials, Oxford and AstraZeneca said their vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses.