Strong Rise In US Consumer Spending Lifts Dollar |
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The broad performer of the day in the currency markets is the US dollar, which got a lift in sentiment from mostly better-than-forecast economic data and the Fed’s hint of a rate cut pause. First of all, US consumer spending rose 0.4% in March, twice market’s expectations. This is an encouraging sign even as personal income slowed down, gaining a seasonally adjusted rate of 0.3%. Secondly, ISM manufacturing data for April was better than expected, with the headline index at 48.6 vs a prior
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