Afshin Sazegar | US dollar is under pressure after US industrial data

Afshin Sazegar | US dollar is under pressure after US industrial data

Afshin Sazegar | The USD / BRL fell 0.4 percent to 4.2202. GBP / USD was down 0.1% to $ 1.2922 and EUR / USD was up 0.5% to $ 1,1070.

Disappointing data from the US industry weighed on the US dollar on Monday.

According to the Institute for Supply Management (ISM), the highly regarded manufacturing PMI sank for the fourth month in a row.

"Overall, intermediate consumption indicates that (1) supply chains are serving demand and (2) companies are less confident that the materials delivered will be consumed in a timely manner.

"The slight decline in the manufacturing ISM index indicates that manufacturing is not yet off the hook, "However, there is more and more evidence that the downturn will soon bottom out as the Markit PMI has increased in recent months."

Construction spending was also weak, falling 0.8 percent in October. A plus of 0.3 percent was expected.

U.S. Pat. Dollar Index, which measures the greenback against six other currencies, fell 0.3 percent to 97,915. The US dollar slid 0.3 percent to 109.23 against the Japanese yen.

The surprise announcement also increased uncertainty about a potential deal with China. US Secretary of Commerce Wilbur Ross said in an interview with Fox News that Trump is willing to raise tariffs if there is no agreement.

The likelihood of a first-phase trade deal lessened most recently after the US president signed the Hong Kong resolution to strengthen the pro-democracy movement last week.

Afshin Sazegar


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