Dollar Drifts Lower Against Major Counterparts
(RTTNews) - The U.S. Dollar shed ground against its major counterparts on bets the Federal Reserve will cut interest rates in the first quarter.
Manufacturing activity in the U.S. contracted at a slower rate in the month of December, according to a report released by the Institute for Supply Management. The ISM said its manufacturing PMI inched up to 49.3 in December from 48.4 in November, although a reading below 50 still indicates contraction. Economists had expected the index to come in unchanged.
The dollar index dropped to 108.93 from 109.39.
Against the Euro, the dollar weakened to 1.0310 from 1.0267, and against Pound Sterling, it eased to 1.2422 from 1.2382.
In U.S. economic news, the Institute for Supply Management released a report showing manufacturing activity contracted at a slower rate in the month of December.
The ISM said its manufacturing PMI inched up to 49.3 in December from 48.4 in November, although a reading below 50 still indicates contraction. Economists had expected the index to come in unchanged.
The dollar weakened against the Japanese currency, dropping to 157.31 a unit. Against the Aussie, the dollar was down at 0.6219, losing about 0.25%.
Against Swiss franc, the dollar slipped to CHF 0.9085 from CHF 0.9124. The Loonie weakened to 1.4452 against the dollar.
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