TOKYO - The dollar remained under pressure in Asian trade on Tuesday as renewed market optimism spurred demand for currencies seen as well placed to benefit from an economic recovery.

The dollar fell to 91.79 yen in Tokyo afternoon trade, down from 92.53 in New York late Monday. The euro rose to $1.4424 from $1.4408 but dropped to 132.42 yen from 133.39 yen.

The Tokyo market took its cue from New York, where the greenback was sold overnight as traders took profits on its recent climb, said Jitsuo Tachibana, senior manager in the foreign exchange division of Sumitomo Trust Bank.

Positive US and Chinese manufacturing data released on Monday bolstered hopes the worst of the economic global slump is over, encouraging investors to seek out riskier but higher yielding currencies than the US unit.

The US Institute for Supply Management said its purchasing managers index rose to 55.9% in December from 53.6% in November, a fifth consecutive expansion and well above forecasts for 54.3%

Manufacturing in China continued to expand in December with new factory orders up for the ninth month in a row, according to a survey by HSBC China.

"After the pace of global expansion in manufacturing activity cooled in November it has accelerated again in the final month of 2009, raising hopes that growth in 2010 will be much better than last year," NAB Capital analysts wrote in a note.

"This has buoyed stock markets, pushed commodity prices higher and increased the likelihood that global economic growth will continue to exceed that in the US by a comfortable margin, weighing on the greenback."

The market was turning its attention to key monthly jobs data due out in the United States on Friday that are seen as a crucial indicator of the health of the world's largest economy.

"Trading is expected to be rangebound for the rest of the day as market players are now trying to factor in forecasts for US payrolls figures to be released later this week," Sumitomo Trust Bank's Tachibana said.

Many investors are hoping the US economy will finally stop shedding jobs in December after months of hefty losses.

The dollar was softer against Asian currencies, falling to 1,141.50 South Korean won from 1,154.95 on Monday, to 33.14 Thai baht from 33.28 and to 9,302.50 Indonesian rupiah from 9,345.00.

It declined to 31.79 Taiwan dollars from 31.85, to 1.3953 Singapore dollars from 1.4016 and to P45.84 from P46.10.