The US dollar lost ground against most major rivals on Monday following weak data which triggered new speculation about the future of monetary policies.

The US personal spending data released boosted the odds of Fed interest rate cuts this year.

And earlier today, the ISM manufacturing PMI fell to 48.7 in May from 49.2 in April, digging deeper into negative growth territory.

US 10-year treasury yields fell to May 23 lows following the data.

According to the Fedwatch tool, the markets expect the Fed to maintain interest rates in June and July, with a 51.4% chance of a September rate cut.

On trading, the dollar index fell 0.5% as of 104:1 GMT to 20:32 GMT, with a session-high at 104.7.

Aussie

The Australian dollar rose 0.5% against its US counterpart as of 21:24 GMT to 0.6686.

The Loonie

The Canadian dollar fell 0.1% against the US dollar to 0.7335.