Dollar Falls Against Euro On U.S. Manufacturing Data
NEW YORK (AP) — The dollar is falling against the euro after manufacturing in Philadelphia and New York fell this month.
The possibility of more stimulus for Japan's economy pushed the yen to a nearly seven-month low against the dollar.
The euro rose to $1.2778 in afternoon trading from $1.2745 late Wednesday.
The Federal Reserve Bank of Philadelphia says its manufacturing index was at minus 10.7, a five-month low. That's down from a reading of 5.7 in October. The Federal Reserve Bank of New York says its index was at minus 5.2, slightly better than October. Negative readings signal contraction.
The dollar jumped to 81.45 yen, its highest point since April 25. A prime minister candidate in Japan wants the Bank of Japan to cut interest rates to zero or below.