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Barchart
Barchart
Rich Asplund

Dollar Tumbles on Euro Strength and Weak US Economic News

United States Euro eurozone Japan

The dollar index (DXY00) on Monday fell by -0.87%.  Monday’s strength in EUR/USD undercut the dollar as stronger-than-expected Eurozone economic news boosted European government bond yields. The dollar extended its losses on weaker-than-expected US ISM and construction spending reports.  The dollar recovered from its worst levels after a slide in stocks boosted liquidity demand for the dollar.

The US Feb ISM manufacturing index fell -0.6 to 50.3, weaker than expectations of 50.7.  The Feb ISM prices paid sub-index rose +7.5 to a 2-1/2 year high of 62.4, stronger than expectations of 56.0. 

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