* U.S. ISM manufacturing in November contracts for a fourth month* U.S. development spending falls in October* Graphic: World FX charges
* U.S. ISM manufacturing in November contracts for a fourth month
* U.S. development spending falls in October
* Graphic: World FX charges in 2019 http://tmsnrt.rs/2egbfVh
(Recasts, provides U.S. knowledge, new remark, FX desk, updates costs, adjustments byline, dateline; earlier
LONDON)
By Gertrude Chavez-Dreyfuss
NEW YORK, Dec 2 (Reuters) – The greenback fell to two-week lows on Monday after knowledge confirmed the U.S.
manufacturing sector contracted for a fourth straight month in November and development spending fell
unexpectedly, stoking fears the world’s largest financial system might go into recession.
The dollar additionally dropped from six-month highs towards the yen and slid to a two-week trough versus
the euro after the U.S. manufacturing report.
The Institute for Provide Administration’s (ISM) index of nationwide manufacturing facility exercise fell to 48.1 in
November from 48.three in October, down for a fourth month. The studying was beneath expectations of 49.2 from a
Reuters ballot of 57 economists.
A separate report on Monday confirmed U.S. development spending in October dropped as properly, falling 0.8%
as funding in personal tasks tumbled to the bottom degree in three years.
“What this implies for the greenback is that we might probably see one other price lower from the Federal
Reserve subsequent yr,” mentioned Karl Schamotta, chief market strategist at Cambridge International Funds in Toronto.
The Fed has…