Dollar Off Highs As ISM Manufacturing Activity Slows

00:36, 4th August 2015

(RTTNews) - The U.S. dollar wiped out its early advance against most major rivals in New York deals on Monday, after data showed U.S. manufacturing sector activity unexpectedly grew at a slower rate in the month of July.

The ISM said its purchasing managers index dipped to 52.7 in July from 53.5 in June, although a reading above 50 indicates continued growth in the manufacturing sector.

The decrease came as a surprise to economist, who had expected the manufacturing index to inch up to a reading of 53.7.

The greenback was trading at 123.97 against the yen, 1.0975 against the euro and 1.5621 against the pound, off its previous highs of 124.26, 1.0940 and 1.5564, respectively.

If the greenback extends slide, it is likely to find support around 122.00 against the yen, 1.12 against the euro and 1.57 against the pound.