NEW YORK/LONDON, June 3 - The dollar fell to a three-week low on Monday after data showed the U.S. economy is slowing down with weaker-than-expected readings on manufacturing and construction spending, suggesting that the Federal Reserve is on track to start cutting interest rates this year.
The U.S. Institute for Supply Management said its purchasing managers index for manufacturing fell to 48.7 in May, from 49.2 in April, sliding as well from an 18-month high of 50.3 seen in March. U.S. construction spending also slid unexpectedly for a second consecutive month in April, decreasing by 0.1% after a 0.2% decline in March, amid falls in non-residential activity.
The U.S. dollar posted its first monthly decline of the year in May, weighed down by shifting expectations on when the U.S. central bank will cut rates and by how much. The futures market is fully pricing in one rate cut of 25 bps this year.
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