The dollar started 2005 on a strong note on Monday, gaining more than a cent from last week’s record lows against the euro as investor selling paused on expectations of a firm batch of U.S. economic data this week.

In afternoon trading in Europe, the euro hit $1.3542, short of the all-time high of $1.3667 it reached last Thursday.

First up on the data-front is the U.S. Institute of Supply Management’s manufacturing survey, which is due late Monday. The index for December has been forecasted to edge up to 58.1 from 57.8 in November.

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