Dollar mixed after US manufacturing rises

AP News
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Posted: Apr 02, 2012 3:58 PM
Dollar mixed after US manufacturing rises

The dollar was mixed against other major currencies Monday after manufacturing activity rose in the U.S. last month but fell in Europe.

The Institute for Supply Management, a trade group of purchasing managers, said that its index of manufacturing activity rose to 53.4 in March from 52.4 in February. Readings above 50 indicate the industry is expanding.

Meanwhile, a separate index that measures manufacturing in the 17 countries that use the euro also fell in March from the previous month. The report also showed that manufacturing activity worsened in Germany and France, the two largest economies in Europe. The results increased fears that the euro countries are in a recession.

The euro slipped to $1.3332 in afternoon trading Monday from $1.3334 late Friday. The euro fell as low as $1.3275 earlier in the day before recovering.

In other trading Monday, the British pound rose to $1.6042 from $1.5998 late Friday. The dollar fell to 82.18 Japanese yen from 82.86 and to 98.93 Canadian cents from 99.73 Canadian cents.

The dollar rose to 0.9033 Swiss franc from 0.9029.