The dollar gave up its gains as the market awaits the nonfarm payrolls report for guidance on the timing of interest rate cuts
The dollar remained under pressure following the release of weak U.S. manufacturing data on Monday, erasing earlier gains driven by safe-haven flows triggered by the situation in Venezuela. The U.S. ISM Manufacturing PMI for December fell to 47.9 from 48.2 in November, missing market expectations of 48.3.Investors are closely monitoring economic data this week to gauge the timing of the next rate cut by the Federal Reserve, with Friday’s U.S. nonfarm payrolls report taking center stage. The U.S. Dollar Index (DXY) fell 0.1% to 98.19, after earlier touching a near four-week high of 98.86.
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