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The dollar remained essentially flat against the euro on Monday as investors focused on European manufacturing data to be released on Thursday in search of signs that economic growth in the eurozone was improving.
"The pace of economic deterioration in the region has begun to slow down, and I think investors are waiting for more concrete signs that the worst may be over," said Mazen Issa, senior foreign exchange strategist at Dominican Securities.
Improvements in European economic data may boost risk appetite and boost stock markets. This, in turn, could be detrimental to the dollar, as investors elsewhere pursue higher yields.
"There is a strong correlation between the US dollar and the relative stock prices of the US stock market relative to those of other parts of the world. To some extent, we have entered an environment in which non-US asset markets are beginning to perform. We may see a strategic decline in the dollar, "Issa said.


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