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Anzo Lim

Dollar flat as poor U.S. factory data offset trade, Brexit worries

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The dollar was little changed on Tuesday against a basket of currencies, underpinned by safe-haven demand on worries about U.S.-China trade tensions and a chaotic British exit from the European Union.

Initial strength that propelled the dollar to a more than two-year peak faded following a private report that showed the U.S. manufacturing sector in August recorded its first monthly contraction since 2016.

“That’s a reflection on what has been going on on the trade front,” said Don Ellenberger, head of multi-sector strategies at Federated Investors in Pittsburgh.

The steeper-than-expected decline in the factory activity index of the Institute for Supply Management touched off a rally in the U.S. bond market, sending benchmark 10-year yields to their lowest levels since July 2016.

Source: Reuters
#Dollar #Trade #Brexit #WikiFX

 

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