Investing.com - The U.S. dollar was trading in a narrow range against the other major currencies on Monday, as weak global manufacturing data underlined concerns over the outlook for growth, and investors anticipated the European Central Bank's policy meeting and U.S. jobs data later in the week.
During U.S. morning hours, the dollar was slightly lower against the euro, with EUR/USD rising 0.16% to 1.2594.
The single currency continued to be supported by expectations that the ECB is working on measures to help stabilize the euro zone's sovereign debt markets ahead of its upcoming meeting on Thursday.
But concerns over the outlook for growth weighed after revised data showed that the euro zone’s manufacturing sector contracted for the 13th month in a row in August.
Markit said the bloc’s manufacturing purchasing managers’ index rose to 45.1 from July's 37-month low of 44, but remained well below the 50 mark that separates growth from contraction.
The dollar remained under pressure after Federal Reserve Chairman Ben Bernanke said Friday that the Fed would act as needed to strengthen the U.S. economic recovery, but he stopped short of indicating that a fresh round of stimulus is imminent.
The greenback was also slightly lower against the pound, with GBP/USD easing up 0.17% to 1.5892.
The pound found support after data showing that the rate of contraction in the U.K. manufacturing sector eased significantly in August.
Markit said that its U.K. manufacturing PMI rose to 49.5 in August from a reading of 45.4 in July, beating expectations for an increase to 46.2 and moving much closer to the 50 level.
Elsewhere, the greenback slipped lower against the yen and the Swiss franc, with USD/JPY down 0.16% to 78.25 and USD/CHF dipping 0.06% to trade at 0.9544.
The Swiss franc shrugged off data showing that the manufacturing PMI fell unexpectedly in August. Another report showed that Swiss retail sales rose less-than-expected in July.
The greenback was broadly higher against its Australian, New Zealand and Canadian counterparts, with AUD/USD tumbling 0.88% to trade at 1.0233, NZD/USD down 0.78% to 0.7971 and USD/CAD inching up 0.11% to 0.9871.
The growth linked Australian and New Zealand dollars weakened earlier after official data showed that activity in China’s manufacturing sector slumped to a nine-month low in August, adding to fears that its economy is slowing faster than estimated.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, dipped 0.02% to 81.19.
Trade looked likely to remain thin on Monday, with markets in the U.S. closed for the Labor Day holiday.
During U.S. morning hours, the dollar was slightly lower against the euro, with EUR/USD rising 0.16% to 1.2594.
The single currency continued to be supported by expectations that the ECB is working on measures to help stabilize the euro zone's sovereign debt markets ahead of its upcoming meeting on Thursday.
But concerns over the outlook for growth weighed after revised data showed that the euro zone’s manufacturing sector contracted for the 13th month in a row in August.
Markit said the bloc’s manufacturing purchasing managers’ index rose to 45.1 from July's 37-month low of 44, but remained well below the 50 mark that separates growth from contraction.
The dollar remained under pressure after Federal Reserve Chairman Ben Bernanke said Friday that the Fed would act as needed to strengthen the U.S. economic recovery, but he stopped short of indicating that a fresh round of stimulus is imminent.
The greenback was also slightly lower against the pound, with GBP/USD easing up 0.17% to 1.5892.
The pound found support after data showing that the rate of contraction in the U.K. manufacturing sector eased significantly in August.
Markit said that its U.K. manufacturing PMI rose to 49.5 in August from a reading of 45.4 in July, beating expectations for an increase to 46.2 and moving much closer to the 50 level.
Elsewhere, the greenback slipped lower against the yen and the Swiss franc, with USD/JPY down 0.16% to 78.25 and USD/CHF dipping 0.06% to trade at 0.9544.
The Swiss franc shrugged off data showing that the manufacturing PMI fell unexpectedly in August. Another report showed that Swiss retail sales rose less-than-expected in July.
The greenback was broadly higher against its Australian, New Zealand and Canadian counterparts, with AUD/USD tumbling 0.88% to trade at 1.0233, NZD/USD down 0.78% to 0.7971 and USD/CAD inching up 0.11% to 0.9871.
The growth linked Australian and New Zealand dollars weakened earlier after official data showed that activity in China’s manufacturing sector slumped to a nine-month low in August, adding to fears that its economy is slowing faster than estimated.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, dipped 0.02% to 81.19.
Trade looked likely to remain thin on Monday, with markets in the U.S. closed for the Labor Day holiday.