Dollar dips against major currencies

The dollar fell slightly against most major currencies on Tuesday as a few reports showed that the U.S. economy is still deep in trouble.

The Institute for Supply Management said Tuesday that its overall index of manufacturing activity unexpectedly rose above 50for the first time in five months.

A reading above 50 indicates expansion. The data may signal that manufacturers are overproducing as production and inventory growth accelerated and new orders contracted.

The ISM index of prices manufacturers pay for raw materials hit 91.5 in June, up from 87 in May and the highest reading since 1979.

The Commerce Department reported that construction spending fell for the 11th time in May. Ford Motor said its U.S. sales tumbled 27.9 percent in June.

The euro bought 1.5793 dollars in late New York trading compared with 1.5751 dollars it bought late Monday. The British pound rose to 1.9944 dollars from 1.9936 dollars.

The dollar fell to 1.0195 Swiss francs from 1.0201 Swiss francs, and fell to 106.01 Japanese yen from 106.08 Japanese yen. It rose to 1.0230 Canadian dollars from 1.0177 Canadian dollars.