Dollar Little Changed Against Euro
Feb 3rd, 2009 | By Doug Casey | Category: Financial NewsIn the currency market, the dollar edged lower against the euro. Late Monday, the euro was trading at $1.284 vs. $1.2805 on Friday.
The day’s most significant number came from the Institute for Supply Management, which reported that its manufacturing index inched higher to 35.6% in January from 32.9% in December. Analysts had been looking for a flat reading.
That’s still a negative number—readings below 50% in the ISM diffusion index indicate that more firms are contracting than growing—but it was the best showing since November.
Norbert Ore, chair of the ISM factory survey committee, said the report “simply says we’re finding ourselves somewhere near the bottom,” although he stressed that any recovery in the factory sector will be slow.
Others were more skeptical, thinking that the numbers might only reflect the inventory build-up reflected in the most recent GDP numbers.
Separately, the Commerce Department said that consumer spending for December, on an inflation-adjusted basis, fell for the sixth time in seven months, down 1%.
Source: Dollar Little Changed Against Euro
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