Dollar Rises as U.S. Manufacturing Growth Returns; Pound Slumps

Tuesday, 4 February 2020 03:48 WIB



The dollar climbed Monday, on data showing manufacturing activity expanded in January for the first time in six months, while a slump in the pound also boosted the greenback amid fears the U.K and European Union could clash on trade.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.42% to 97.62.

The ISM manufacturing index for January showed an uptick to 50.9, beating expectations of 48.5. A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for about 12% of the U.S. economy.

Still, many expect that the turnaround in manufacturing is unlikely to be repeated.

The weaker data did little to knock the dollar's advance thanks to a sharp decline in the pound.

GBP/USD fell 1.56% to $1.2994 as the U.K. and EU expressed opposing views on a future relationship, raising fears Britain risks leaving the economic bloc at the end of the transition period, Dec. 31, without a deal.

Source :


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