The dollar falls against its main counterparts

WASHINGTON (dpa-AFX) – The US dollar lost ground against its major peers on bets that the Federal Reserve will cut interest rates in the first quarter.

Manufacturing activity in the United States contracted at a slower pace in the month of December, according to a report published by the Institute for Supply Management. The ISM said its manufacturing PMI rose to 49.3 in December from 48.4 in November, although a reading below 50 still indicates contraction. Economists expected the index to remain unchanged.

The dollar index fell to 108.93 from 109.39.

Against the euro, the dollar weakened to 1.0310 from 1.0267, and against the pound sterling, it fell to 1.2422 from 1.2382.

In US economic news, the Institute for Supply Management released a report showing that manufacturing activity contracted at a slower pace in the month of December.

The ISM said its manufacturing PMI rose to 49.3 in December from 48.4 in November, although a reading below 50 still indicates contraction. Economists expected the index to remain unchanged.

The dollar weakened against the Japanese currency, falling to 157.31 per unit. Against the Australian dollar, the dollar fell to 0.6219, losing approximately 0.25%.

Against the Swiss franc, the dollar fell to 0.9085 Swiss francs from 0.9124 Swiss francs. The Canadian dollar weakened to 1.4452 against the greenback.

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