The dollar wobbled on Tuesday after a slump in U.S. manufacturing activity last month pointed to further signs of a slowing economy and trumped renewed inflation concerns following OPEC+'s surprise output cut.
That sent the greenback broadly lower, tracking a slide in U.S. Treasury yields, as investors pared expectations on how much longer interest rates would need to remain in restrictive territory.
Sterling peaked at its highest since late January at $1.2425, extending the previous session's 0.7% gain. "The ISM manufacturing report for March was a dud," said economists at Wells Fargo. "The closest thing we get to good news in report is that the slowing in the factory sector is pushing prices lower and supply chains are continuing to heal, benefiting from the slack.The euro was last 0.03% higher at $1.0905, having gained more than 0.5% on Monday. Against the Japanese yen , the dollar slipped 0.09% to 132.35.
The two-year Treasury yield , which typically moves in step with interest rate expectations, was last at 3.9841%, having fallen nearly 10 basis points on Monday.
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