Well, it’s official. Growth in the manufacturing sector slowed down last month. As a result the dollar saw losses against the euro on Monday. The manufacturing activity index which was pegged to touch 57.9 instead came down to 55.2 from 56.7 in February. The U S payrolls report is due this Friday.

The euro on the other hand saw significant gains against most major currencies. The euro’s run was mainly fueled by speculation the European Central Bank (ECB) will leave interest rates unchanged when it meets this week. The bank is also expected to indicate a possibility of interest rate hikes beginning May. But analysts are confident the dollar will emerge the leader yet again by the end of the week.