The dollar is weak against the euro today and choppy against the pound. Poor manufacturing activity in the New York area, which showed a record drop in June, caused the greenback to fall.
The manufacturing figure fell into contraction territory, dropping 26 points. This surprising fall comes ahead of the start of the Federal Reserve’s monetary policy meeting which starts today, and supports the Fed’s suggestion that interest rates should be cut this year.
This weakness in the manufacturing sector is possibly due to a slowing of global demand and ongoing trade tensions.
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