India, Feb. 24 -- The U.S. dollar weakened against other major currencies in the Asian session on Monday, as the disappointing U.S. economic data kept the prospect of interest rate cuts by the Federal Reserve (Fed) intact this year.
Traders reacted to a report showing consumer sentiment in the U.S. deteriorated by much more than expected in February amid a surge by year-ahead inflation expectations.
The University of Michigan said its consumer sentiment index for February was downwardly revised to 64.7 from a preliminary reading of 67.8. Economists had expected the index to be unrevised.
Also, data from the preliminary S&P Global Purchasing Managers Index (PMI) report showed that the U.S. Services PMI contracted to 49.7 from 52.9 in Janu...