Investing.com - Solid personal spending data in the U.S. sent
the dollar firming against most major currencies on Friday, though
profit taking cooled the greenback's gains.
In U.S. trading on Friday, EUR/USD was up 0.07% at 1.3751.
The Commerce Department reported earlier Friday that U.S.
personal spending rose 0.3% in February, in line with expectations,
Personal spending in January was revised down to a 0.2% gain from a
previously estimated 0.4% increase.
A separate report showed that the core U.S. personal consumption
expenditures price index remained unchanged at 0.1% last month, in
line with expectations.
Elsewhere the revised Thomson Reuters/University of Michigan
consumer sentiment index ticked up to 80.0 in March from 79.9 the
previous month. Analysts had expected the index to rise to 80.5
Still the dollar rose, as the largely positive data came a day
after economic reports showed that U.S. jobless claims fell to the
lowest level since late November last week, while U.S. economic
fourth quarter growth was revised higher.
Market sentiment remained firm that the Federal Reserve will
continue winding down stimulus programs this year and begin raising
benchmark interest rates from their current rock-bottom levels some
time in 2015.
Meanwhile in the euro zone, preliminary data revealed that
Germany's consumer price index rose 0.3% in March, missing
expectations for a 0.4% increase, after a 0.5% gain in
Data also showed that French consumer spending rose 0.1% in
February, less than the expected 0.8% increase, after a 2.1%
decline the previous month.
The dollar was up against the yen, with USD/JPY up 0.63% at
102.82, and up against the Swiss franc, with USD/CHF up 0.02% at
The greenback was down against the pound, with GBP/USD up 0.20%
The pound firmed against the dollar after data showed that U.K.
gross domestic product rose by 0.7% in the fourth quarter, in line
A separate report showed that the U.K. current account deficit
narrowed to £22.4 billion in the fourth quarter, from £22.8 billion
in third quarter, whose figure was revised down from a previously
estimated deficit of £20.7 billion.
The dollar was up against its cousins in Canada, Australia and
New Zealand, with USD/CAD up 0.29% at 1.1064, AUD/USD down 0.09% at
0.9250 and NZD/USD down 0.14% at 0.8660.
The US Dollar Index, which tracks the performance of the
greenback versus a basket of six other major currencies, was up
0.08% at 80.35.
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