The Dollar recorded its biggest loss in two years
09:09 - 25/05/2019
Information / Baghdad ..
The US dollar continued to drop from a two-year high against a basket of major currencies, hit by a drop in orders for manufactured capital goods in the United States, another sign that a slowdown in manufacturing and the broader economy is partly due to the US-China trade dispute.
The weaker-than-expected data, an indirect indicator of corporate spending plans, pushed the dollar lower, extending a slide that began in Thursday's session following a report showing manufacturing activity in America hit its lowest level in nearly a decade in May.
Both reports suggest that a sharp slowdown in economic growth in the United States is continuing, which may affect the dollar's position as a tool for safe investment.
The dollar index ended the session down 0.26% to 97.603 and fell 0.80% from a two-year high of 98.371 recorded in the previous session.
The dollar's slide also helped the pound to rise from a four-and-a-half-month low, although the rise of the British currency was mainly driven by Prime Minister Teresa Mae's resignation yesterday after failing to get parliamentary approval for her exit agreement. Sterling rose 0.5% to $ 1.272.
The euro rose 0.24% to $ 1.121, taking advantage of the weakness of the US currency and the result of the Dutch segment in the EU parliamentary elections. Ending / 25