U.S. Dollar Remains Higher

The dollar clung onto tenuous gains early on Monday, having staged a modest rebound late last week as sellers set their sights on sterling after disappointing UK data.

Already on tenterhooks ahead of the May 7 general election, the pound was further stung by a survey showing British manufacturing growth slowed sharply in April.  It last stood at $1.5146 , having shed more than 1 percent on Friday. The euro fetched 73.83 pence following a 1.2 percent rally.

“We expect sterling to remain under pressure at least until the political fog lifts,” analysts at ANZ wrote in a note to clients, recommending investors stay short sterling against the Australian, New Zealand and Canadian dollars.