The dollar slid towards a three-year low and US government bonds came under pressure on Monday as weak manufacturing data combined with growing warnings over the sustainability of the country’s debt pile to unnerve investors.
The dollar was down 0.7 per cent against a basket of its trading partners, taking it close to the three-year low it hit in the wake of President Donald Trump’s “liberation day” tariff blitz in early April.
The blue-chip S&P 500 index also dipped after an ISM survey of purchasing managers in the manufacturing sector came in weaker than expected at 48.5 for May — below the 50 level that separates expansion and contraction. The stock benchmark then regained some ground to close the session 0.4 per cent higher.
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