The dollar slumped against the euro and the yen Tuesday after a weak reading on Chinese manufacturing activity reignited investors’ fears about a sharp slowdown in the world’s second-largest economy.These worries triggered a resumption of the selloff in global stocks from last week and weighed on the dollar as well as investors reassessed the timing of the first Federal Reserve interest-rate hike.
The dollar shed 1% of its value to trade at USDJPY, +0.69% ¥120.04.
The ICE Dollar index DXY, +0.20% a measure of the dollar against a basket of major currencies, dropped 0.4% to 95.4300.
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