Personal Spending in the United States declined by 13.6% on a monthly basis in April, the data published by the US Bureau of Economic Analysis showed on Friday. This reading came in worse than the market expectation for a fall of 12.6%.
Meanwhile, Personal Income uınexpectedly increased by 10.5% in the same period and beat analysts’ estimate for a decrease of 6.5% by a wide margin.
Developing story…
Market reaction
Investors don’t seem to be paying much attention to these data releases while waiting for US President Donald Trump to host a news conference on China later in the day. As of writing, the US Dollar Index, which tracks the greenback’s performance against a basket of six major currencies, was down 0.47% on the day at 98.00.
Related articles
US Dollar Index drops to 2-month lows near 98.20 ahead of Trump.
The greenback faces extra selling pressure at the end of the week and is forcing the US Dollar Index (DXY) to recede to fresh 2-month lows.
US Pres. Trump to hold China news conference on Friday, risk-off themes will be in play.
The US President Donald Trump will hold a news conference on China this Friday. This will likely include the president’s opinions on COVID-19 and China’s handling of it, trade relations, currency wars and the US administration’s political response to China’s parliament approving a decision to go forward with national security legislation for Hong Kong.
Share
