U.S. Dollar Falls On Weak U.S. Economic Data
04 Março 2025 - 3:04AM
RTTF2
The U.S. dollar weakened against other major currencies in the
European session on Tuesday, as traders' confidence was tempered by
weak U.S. economic data.
Data from the Institute for Supply Management on Monday showed
its reading on U.S. manufacturing edged slightly lower in February,
although the index still indicated growth in the sector for the
second straight month.
The ISM said its manufacturing PMI slipped to 50.3 in February
after rising to 50.9 in January, but a reading above 50 still
indicates growth. Economists had expected the index to dip to
50.5.
The production index also fell to 50.7 in February from 52.5 in
January, while the employment index slid to 47.6 in February from
50.3 in January.
Data from the Commerce Department showed on Monday that the
construction spending in the U.S. unexpectedly edged modestly lower
in the month of January.
The Commerce Department said construction spending slipped by
0.2 percent to an annual rate of $2.193 trillion in January after
climbing by 0.5 percent to a revised rate of $2.196 trillion in
December. Economists had expected construction spending to come in
unchanged.
The unexpected dip by construction spending came as spending on
private construction fell by 0.2 percent to an annual rate of
$1.686 trillion.
Investors wait for the European Central Bank policy meeting on
Thursday, with traders pricing in another 25-basis point cut.
Meanwhile, trade tensions weighed on markets after U.S.
President Donald Trump's long-threatened tariffs against Canada,
Mexico and China went into effect today.
Canada announced 25 percent tariffs on $107 billion worth of
U.S. goods, with $20.7 billion in immediate effect. Mexican
President Claudia Sheinbaum said her country is preparing
countermeasures.
China has announced 15 percent tariffs on U.S. chicken, wheat,
corn and cotton, plus 10 percent cent tariffs on soybeans, pork,
beef and dairy beginning March 10.
In the European trading today, the U.S. dollar fell to a 1-week
low of 148.60 against the yen and a 6-day low of 1.0528 against the
euro, from early highs of 149.57 and 1.0471, respectively. If the
greenback extends its downtrend, it is likely to find support
around 144.00 against the yen and 1.06 against the euro.
Against the pound and the Swiss franc, the greenback slipped to
near 3-month lows of 1.2741 and 0.8906 from early highs of 1.2679
and 0.8972, respectively. The greenback may test support near 1.28
against the pound and 0.87 against the franc.
The greenback edged down to 1.4410 against the Canadian dollar,
from an early high of 1.4521. On the downside, 1.41 is seen as the
next support level for the greenback.
Looking ahead, U.S. Redbook report and U.S. RCM/TIPP economic
optimism index for March are slated for release in the New York
session.
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