TOKYO (AFX-ASIA) - The dollar continued its weak tone in midafternoon after a series of poor data, including last night's purchasing managers index, which came in below expectations, dealers said. MCM foreign exchange analyst Hiromi Ookawara said the dollar has come under pressure from a series of recent negative economic indicators. "The dollar looks shaky, particularly against the euro. There's been a lot of weak, weak data. This has caused some speculation that the US recovery in the second half of the year is now uncertain," he said. "Mid-term funds are starting to escape to the euro." Meanwhile, merger and acquisition flows have also shifted in favour of the European currency, while the currency options market is showing increasing appetite for euro calls, Ookawara said. "We have to be careful over European data but (bad numbers here) provide room for the ECB to ease, not today, but in August," he said. The yen has benefited as a result of the dollar's woes, though the impact here has been largely technical rather than any major revival in hopes for the currency in the mid-term. "If you line up the major currencies, the yen remains the weakest," Ookawara said.