US Manufacturing Data Hammers US Dollar
by Richard Lee
Cutting into the short term dollar rally, today’s manufacturing report tells of a similar situation seen in 2001. Depressing even the most optimistic, the headline figure dipped further below the 50 contraction/expansion pivot to 43.5 according to the Institute for Supply Management. The decline was below the consensus estimate of 49 and was the lowest level since October ‘01. Additionally, both new orders and production measures plunged through to equivalent lows, leaving very little for the dollar bull to work with. The greenback fell through meaningful support in the last hour with major currencies, especially the pound sterling and euro making back some ground.
Tags: US Dollar, US Manufacturing
About the Author - Richard Lee
Richard C. Lee is the Chief Currency Strategist for OnlineForexTrading.com. Employing both fundamental and technical models, Richard has previously been featured on DailyFX.com, Bloomberg, FX Street.com, Yahoo Finance and Trading Markets.com. In analyzing the markets, he draws from an extensive experience trading fixed income and spot currency markets in addition to previous bouts in options, futures and equities.
