Weak Spending Data And More Tariffs Cause Dollar To Drop – 2 December, 2019

The dollar took a hit against some major currencies as President Trump announced tariffs on more imports and U.S. economic data showing signs of slowing progress. Against the yen, the dollar dipped to 109.00 yen, just above a one week low. The greenback fell to a two week low against the euro, shedding 0.56% to $1.1076, its biggest decline against the euro since September. The dollar index fell to its most in six week, last trading at 97.887. Investors are worried the tariffs the President wants to slap on Brazil and Argentina will defer any improvements made to step one of an agreement in the 16 month trade war with China and pose further risk to the global economic outlook. Investments in private projects and lower October spending on construction fell to their lowest in three years.