LONDON—The dollar hovered around seven-month lows on Friday as a slew of data feeds concern among investors that an economic slowdown could be unavoidable, while a bout of profit-taking forced the yen to retreat.
The dollar edged up 0.2 percent against a basket of other major currencies to 102.17, holding narrowly above Wednesday’s seven-month lows.
The index has fallen 1.3 percent this year after sinking 7.7 percent in the last three months of 2022, when investors began attaching a higher chance of the Federal Reserve slowing down the pace of interest-rate rises.
The Japanese yen bore the brunt of the dollar’s strength. The dollar rose by as much as to 129.26. The yen, which investors have long been favored as a safe-haven and a funding currency, has had a volatile few weeks….