The US dollar fell against the safe-haven Japanese yen on Friday as dismal US manufacturing data fuelled worries about the wider economy, and Treasury bond yields signaled growing fears of a recession.[NEW YORK] The US dollar fell against the safe-haven Japanese yen on Friday as dismal US manufacturing data fuelled worries about the wider economy, and Treasury bond yields signaled growing fears of a recession.
On Friday, the spread between three-month Treasury bills and 10-year note yields inverted for the first time since 2007 after US PMI manufacturing data missed estimates. This inversion of the yield curve is widely seen as a leading indicator of recession. Japan is the world's biggest creditor nation, and its currency benefits when Japanese investors repatriate funds in times of financial or geopolitical stress.
"March's flash PMIs add to evidence that GDP growth was subdued in the three largest advanced economies in Q1, with Germany continuing to take the brunt of the global manufacturing slowdown," Simon MacAdam, global economist as Capital Economics, wrote in a note.
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