U.S. Dollar Down After Weak ISM Manufacturing PMI, Job Openings Data
01 Mai 2024 - 3:17PM
RTTF2
The U.S. dollar fell against its major counterparts in the New
York session on Wednesday, as the nation's manufacturing activity
contracted in April and job openings missed estimates in March.
Survey data from the Institute for Supply Management showed that
the manufacturing PMI slipped to 49.2 in April from 50.3 in March,
with a reading below 50 indicating contraction. Economists had
expected the index to edge down to 50.0.
The slight pullback by the index came after it indicated a
modest expansion in March following sixteen consecutive months of
contraction.
Data from the Labor Department showed that job openings
decreased to 8.488 million in March from an upwardly revised 8.813
million in February.
Economists had expected job openings to dip to 8.690 million
from the 8.756 million originally reported for the previous
month.
Investors await the Federal Reserve's monetary policy
announcement, due shortly.
The central bank is widely expected to leave interest rate
unchanged. The accompanying statement and Fed Chair Jerome Powell's
post meeting press conference could offer clues about future
interest rate moves.
The greenback fell to 1.2499 against the pound, 157.38 against
the yen and 1.0691 against the euro, from an early 5-day high of
1.2466, 2-day high of 157.98 and an 8-day high of 1.0649,
respectively. The greenback is seen finding support around 1.27
against the pound, 147.00 against the yen and 1.08 against the
euro.
The greenback dropped to 1.3747 against the loonie, 0.6497
against the aussie and 0.5908 against the kiwi, from an early high
of 1.3783, 8-day high of 0.6465 and nearly a 2-week high of 0.5874,
respectively. The currency may locate support around 1.34 against
the loonie, 0.68 against the aussie and 0.62 against the kiwi.
The greenback retreated to 0.9186 against the franc, reversing
from an early nearly 7-month high of 0.9224. If the currency falls
further, it is likely to test support around the 0.90 region.
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