The dollar slipped against a basket of currencies on Monday, ceding some of the ground gained in the previous session, as U.S. Treasury yields retreated and lackluster data weighed on the American currency

U.S. manufacturing activity grew at a slower pace in April, likely constrained by shortages of inputs amid pent-up demand unleashed by rising vaccinations and massive fiscal stimulus. The data sent U.S. Treasury yields lower. read more

The dollar index , which measures the greenback against a basket of six currencies, was down 0.3% at 90.969.

The U.S. dollar’s sharp rally on Friday may not be the start of a broader rebound, Shaun Osborne, chief currency strategist at Scotiabank, said in a note.

“It would take strong additional gains this week to tilt the risk towards a recovery in the USD and its early form is not promising,” Osborne said.

Bearish sentiment toward the dollar is on the rise after a brief pullback. U.S. dollar net…

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