The U.S. dollar continued to be higher in New York morning deals on Monday, as data showed that U.S. personal spending rose more-than-expected in August and the New York Fed President William Dudley backed the hopes for rate hike later this year.
Data released by the U.S. Department of Commerce showed that personal spending rose by 0.4 percent in August. Economists had expected the figure to rise by 0.3 percent.
Income also increased during the month. The figures showed a 0.3 percent advance during August, below expectations of a 0.4 percent increase.
Speaking at New York, Dudley indicated that U.S. economy is doing “pretty well,” and if the economy continues its present course, there is a strong case for liftoff.
The greenback bounced off to 0.9814 against the franc and 120.34 against the yen, coming from its prior lows of 0.9772 and 120.00, respectively.
In the meantime, the greenback strengthened to 1.5163 against the pound and 1.1147 against the euro, off its early lows of 1.5241 and 1.1214, respectively.
The greenback is likely to find resistance around 0.99 against the franc, 122.00 against the yen, 1.10 against the euro and 1.50 against the pound.
The material has been provided by InstaForex Company – www.instaforex.com