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 The US dollar continued to trade strongly by hitting a two-month high as signs of an economic slowdown in Europe and the United States raised concerns over the second wave of coronavirus.

The dollar index, which measures the strength of the greenback dollar against most major currencies, traded stable at 94.36.

Business activity in the US manufacturing sector was seen growing in September when data from IHS Markit showed an increase of 53.5 from 53.1 recorded in August.

Meanwhile, in Europe, the pound continued to trade weakly after data showed business growth in the European Zone stalled in September, further raising investor concerns that the latest sanctions implemented could further exacerbate economic recovery efforts.

The pound was initially upbeat following EU Brexit chief negotiator Michel Barnier's determination to reach an agreement with the UK. However, re-trading declined due to gloomy data readings and the latest restrictions announced by Prime Minister Boris Johnson.

In the UK, growth in economic activity was also seen to lose momentum after data showed the manufacturing and services sectors respectively declined this month.

Meanwhile, the Aussie and New Zealand dollars were among the worst-performing currencies and remained trading around the one-month lows against the US dollar during the Asian session.

Although the Reserve Bank of New Zealand (RBNZ) has kept interest rates unchanged, the central bank is ready to provide additional stimulus measures to support economic recovery.