Dollar lower against major rivals

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Monday, Aug 24 2015

The dollar dropped to two-month lows against the other major currencies on Monday, as Friday's downbeat Chinese factory data fuelled concerns over global economic growth and dampened expectations for a September rate hike by the Federal Reserve.

Data on Friday showed that manufacturing activity in China contracted at the fastest rate in six-and-a-half years in August, exacerbating fears over a slowdown in the world’s second-largest economy.

The preliminary reading of the Caixin China manufacturing purchasing managers' index came in at 47.1, down from July's final reading of 47.8. It was the weakest level since March 2009 and was well below the 50 level separating expansion from contraction.

Financial markets have been roiled since China devalued the yuan on August 11, sparking a selloff in equities, commodities and emerging-market assets.The dollar has come under pressure as mounting uncertainty over the global growth outlook and the subdued U.S. inflation outlook has prompted investors to push back expectations for an initial rate hike by the Federal Reserve.

Eurp is currently being traded slightly below 1.15 handle, while Sterling is above 1.5720 level.

More in this category: « Sterling little changed in a quite morning trade Aussie rebounding after sharp decline »

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