U.S. Dollar Moves Lower After ISM Data Tumbles

A money changer counts U.S. dollar banknotes at money change market in Herat province, Afghanistan June 3, 2018. REUTERS/Jalil Ahmad

The U.S. dollar tumbled on Tuesday after manufacturing data from the ISM fell to a 10-year low.

The closely watched ISM manufacturing index came in lower than expected, increasing tensions that the impact of the trade war with China is spilling over into the domestic economy.

U.S. President Donald Trump blamed the Federal Reserve for the strong dollar, tweeting, “Fed Rate too high. They are their own worst enemies, they don’t have a clue. Pathetic!”

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was flat at 99.037 as of 10:58 AM ET (14:58 GMT).

The Japanese yen, which is seen as a safe haven in times of market turmoil, rose, with USD/JPY falling 0.2% to 107.88.

Sterling continued to fall, as the countdown to Brexit continues. Leaked reports surfaced that the U.K. government plans to put in customs checks between the border of Northern Ireland and the Irish Republic, which the EU and Ireland have rejected.

The pound lost 0.4% to 1.2230, while EUR/USD rose 0.2% to 1.0913

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