The dollar and the euro plunged to session lows after another spate of weak U.S. data fueled concerns about an anemic U.S. economic recovery.

Institute for Supply Management manufacturing data for July was worse-than-expected, just the latest U.S. indicator to disappoint.

An earlier risk-positive relief rally on the heels of a proposed U.S. debt deal has been dashed in recent trade.

The dollar continues to reach new record lows against the safe-harbor Swiss franc, and plumb session lows against the yen. The dollar recently fell to a new all-time low of CHF0.7732.

The riskier, growth sensitive euro has given up earlier modest gains against the dollar and has now fallen near 0.9% against the U.S. currency. The euro has plummeted by a whopping 2.2% against the Swiss franc, recently reaching a new all-time low of CHF1.1030.

The U.S. data also came on the heels of other weak global data, which highlights growing concern that the entire pace of global growth may be significantly slowing down.

Earlier, it was reported activity at euro zone factories slowed to a near-standstill in July, recording its weakest growth rate in almost two years, according to a closely watched survey. Also, China's manufacturing activity continued to slow in July due to Beijing's tightening measures, while small and medium-sized enterprises likely experienced a sharper slowdown due to funding shortages, survey results showed.

The euro recently traded at $1.4283 from $1.4397 late Friday in New York, according to EBS via CQG. The dollar was at Y76.46 from Y76.75. Read More