The U.S. dollar remained under pressure on Tuesday as weaker-than-expected manufacturing activity data from the world’s biggest economy heaped pressure on the Federal Reserve to cut interest rates at its policy meeting later this month.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major peers, edged lower to 99.408 at the start of the Asian trading session after falling for a seventh consecutive session to hit a two-week low during U.S. trading hours on Monday as stocks and bonds pulled back. Data released on Monday showed U.S. manufacturing contracted for the ninth straight month in November, as the Institute for Supply Management’s manufacturing PMI dropped to 48.2 in November from 48.7 a month earlier.
Source : Investing.com