Dollar Loses Ground Against Major Counterparts On Weak Economic Data
(RTTNews) - After moving higher in the Asian session, the U.S. dollar turned weak on Monday, weighed down by weak economic data.
The dollar's early uptick came after the OPEC+ announced a surprise decision to further cut crude production by 1.16 million barrels per day from May 2023.
On the economic front, the Institute for Supply Management released a report showing manufacturing activity in the U.S. contracted at a slightly faster rate in the month of March.
The ISM said its manufacturing PMI dipped to 46.3 in March from 47.7 in February, with a reading below 50 indicating a contraction. Economists had expected the index to edge down to 47.5.
With the bigger than expected decrease, the manufacturing PMI dropped to its lowest level since hitting 43.5 in May 2020.
The dollar index, which rose to 103.06 in the Asian session, fell to 101.98 before edging up slightly to 102.04, still down nearly 0.5% from the previous close.
Against the Euro, the dollar weakened to 1.0903 from 1.0843. The dollar is trading at 1.2418 against Pound Sterling, easing from 1.2334.
Against the Japanese currency, the dollar is weak at 132.41 yen, dropping from 132.76 yen.
Against the Aussie, the dollar is at 0.6787, dropping from 0.6686. The Swiss franc has firmed to CHF 0.9127 against the dollar, while the Loonie has strengthened to 1.3436 a dollar.
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