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    Dollar slips lower after unsatisfying U.S. manufacturing data

    The dollar slipped lower against the rest of the major currencies on Tuesday, after the release of unsatisfying U.S. manufacturing data from the New York area and as market sentiment still continued to be fragile after hopes for an oil production cut were vanquished.

    The Federal Reserve Bank of New York said that its general business conditions index improved to -16.7 this month from a reading of -19.4 in January, missing analysts expectations for a rise to -10.0 in February.

    Futhermore, markets were still nervous after a meeting between oil ministers from Saudi Arabia, Russia, Qatar and Venezuela ended with an agreement to freeze output, without cutting production.

    The single currency inched up 0.11% again the dollar, with EUR/USD to trade at 1.1167, as the euro found support after Mario Draghi hinted at the possibility of further easing measures. The European Central Bank President Mario Draghi said on Monday that the central bank would not hesitate to act to boost euro zone growth and inflation,

    Meanwhile, data on Tuesday showed that German economic sentiment fell sharply this month, amid concerns over falling oil prices, slowing global growth and heightened market volatility.

    USD/JPY was down 0.65% at 113.85. The ZEW index of German economic sentiment fell to 1 this month from 10.2 in January, but was still slightly better than economists’ forecasts for a reading of zero.
     
    The greenback edged higher against the Sterling pound, with GBP/USD down 0.53% at 1.4360 and was steady against the Swiss franc, with USD/CHF at 0.9862. Sterling reinforced after an opinion polls evidenced that there was a clear majority in favor of Britain remaining in the European Union.
     
    Meanwhile, the Australian dollar was stronger, with AUD/USD up 0.25% at 0.7156, while NZD/USD tumbled 0.96% to 0.6584.
     
    The U.S. dollar slumped 0.36% against its Canadian counterpart, with USD/CAD to trade at 1.3788, as the rebound in oil prices helped the commodity-related currency.
     
    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.24% at 96.52.

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