The Dollar Continues to Slide
The dollar has fallen to a 14 year low and 20 month low against the British Pound and Euro respectively. Most analysts are pointing to the weak data released by the Institute for Supply Management showing that its key index for manufacturing at its lowest point since April of 2003.
“There’s no reason to buy dollars, especially versus European currencies,” said Thierry Elias, head currency trader at Banque Natexis Populaires in New York. “We had Chicago PMI yesterday, and the ISM report this morning is pointing to slower economic growth in the U.S. It just supports the mentality that has been in place for the past 10 days, and that is: sell dollar.”