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Monday, December 2, 2019

Forex - U.S. Dollar Stumbles After Manufacturing Decline

© Reuters.  © Reuters.

Investing.com - The U.S. dollar tumbled on Monday after manufacturing data fell more than expected in November.

ISM’s Manufacturing PMI fell for the fourth-consecutive month, as demand was lower, said Timothy R. Fiore, chairman of the ISM manufacturing business survey committee.

“Overall, inputs indicate (1) supply chains are meeting demand and (2) companies are less confident that materials received will be consumed in a reasonable time period,” he said.

In a separate report, construction spending for October tumbled 0.8% versus expectations for a rise of 0.3%.

The , which measures the greenback’s strength against a basket of six major currencies, slumped 0.3% to 97.915 as of 10:43 AM ET (15:43 GMT). The dollar was lower against the safe-haven Japanese yen, with USD/JPY down 0.3% to 109.23.

Elsewhere, the Brazilian real was higher against the dollar after U.S. President Donald Trump re-imposed tariffs on steel and aluminum from Brazil and Argentina due to their weak currency. The surprise tweet added more uncertainty to a potential trade deal with China, with Secretary of Commerce Wilbur Ross telling Fox News that Trump is willing to increase tariffs if there is no deal.

Trump also renewed his attacks on the Federal Reserve, urging it to cut interest rates again to weaken the dollar.

USD/BRL was down 0.4% to 4.2202. GBP/USD slipped 0.1% to 1.2922 and EUR/USD rose 0.5% to 1.1070.

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