TOKYO — The yen temporarily appreciated to 148.93 against the dollar in New York on Friday, its strongest since early December, after weaker-than-expected U.S. economic data fueled speculation about a return to rate cuts by the Federal Reserve.
S&P Global’s flash U.S. purchasing managers’ index for February came in at 50.4, falling 2.3 points from January to its lowest reading since September 2023. The services PMI business activity index slid to 49.7, short of the Dow Jones market forecast of 52.8 and below the boom-or-bust mark of 50 for the first time in just over two years.
