The U.S. dollar was at its lowest level since mid-June against the Japanese yen on Monday as investors weighed the likelihood that the Federal Reserve will not raise interest rates as aggressively as some had expected.

The U.S. dollar index was volatile after data showed U.S. manufacturing activity slowed less than expected in July. But a key report for investors this week will be the U.S. jobs report on Friday.

The dollar index is up about 10% for the year so far following investor expectations of aggressive Fed rate hikes.