A gauge of Chicago-area manufacturing activity retreated below 50, the dividing line between expansion and contraction, while a survey of Dallas-area activity came in much weaker than expected.
The dollar began weakening against its Japanese rival during the Asia trading day after the People’s Bank of China (PBOC) guided its currency, the yuan, lower for a fifth straight session. The move revived fears that China could trigger a round of competitive currency devaluations just days after the Group of 20 (G-20) leading finance officials condemned such actions.
The dollar USDJPY, -0.34% traded at ¥112.80 late Monday in New York, compared with ¥113.98 late Friday in New York. The pound GBPUSD, +0.1006% traded at $1.3922 Monday, compared with $1.3836
Yuan USDCNY, -0.1953% traded in China’s onshore market stood at 6.55 to the dollar from 6.54 at the close of trading on Friday.
But the dollar managed to hold on to its gains against the euro even after the weak U.S. data, with the shared currency EURUSD, +0.1380% trading at $1.0889 late Monday, compared with $1.0932 late Friday in New York.
Meanwhile, the ICE U.S. Dollar index DXY, -0.02% a measure of the buck’s strength against a basket of six currencies, was up 0.1% to 98.2230.
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