US Personal Consumption Expenditure rose by 0.2 per cent in March as projected and compared to the February figure it was higher by 0.1 per cent. Personal Income rose slightly by 0.4 per cent, 0.1 per cent higher than expected, also higher than the February data. The Personal Spending in March rose slightly slower by 0.3 per cent compared to the projection at 0.4 per cent, the February data was at 0.9 per cent. The latest data that the Commerce Department reported show that the Personal Income increased however Consumer Spending is marginally reduced and that was mainly due to steady unemployment rates.
The US dollar was strengthening against the Canadian, however versus its other major peers was steady during the release of the data. Versus the Swiss franc the greenback found resistance today at the 0.9097 level, it was little changed afterwards and at the moment is trading at the 0.9083 level. The cable today dropped from the 1.6295 resistance level to the 1.6233 support, taking a breath from the previous week’s last trading session rise.