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Dollar Wobbles, Hits Fresh 4-Month Low Versus Sterling

Dollar Wobbles, Hits Fresh 4-Month Low Versus Sterling
4/2/2012 7:43 AM ET

The dollar was slightly weaker versus other currencies Monday morning, as traders were looking ahead to U.S. jobs data due out later this week.

Overnight losses took the dollar to $1.6036 versus the sterling -- its lowest since November 2011.

Activity in the British manufacturing sector increased to the highest level in ten months in March, data from a survey by Markit Economics and the Chartered Institute of Purchasing and Supply (CIPS) showed Monday.

The buck was stable near $1.3350 versus the euro, having seen little movement over the past month.

Eurozone manufacturing downturn worsened as initially estimated in March, final data from Markit Economics showed Monday.

The Purchasing Managers' Index fell to 47.7 in March, a three month low, from 49 in the previous month.

Eurozone unemployment rate rose to a record high in February, reflecting increasing divergences between countries. The seasonally adjusted jobless rate rose to 10.8 percent, the highest since 1997, from 10.7 percent in January, data from Eurostat showed Monday.

The buck turned lower versus the yen, easing to Y82.50 from above Y83. Earlier in March the dollar hit an 11-month peak above Y84 before leveling off.

The results of the manufacturing survey of the Institute for Supply Management are due out at 10 am ET. Economists expect the index to show a reading of 53 for March after it declined by 1.7 points to 52.4 in February.

The Commerce Department's construction spending report to be released at 10 am ET is expected to show a 0.7 percent increase in February, reversing the 0.1 percent drop in the previous month.

by RTT Staff Writer

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