Sat, 05 Dec 2020

U.S. dollar rises modestly amid economic data

Xinhua
31 Oct 2020, 05:30 GMT+10

NEW YORK, Oct. 30 (Xinhua) -- The U.S. dollar moved modestly higher in late trading on Friday as market participants digested a slew of economic data.

The dollar index, which measures the greenback against six major peers, increased 0.10 percent at 94.0412.

In late New York trading, the euro was down to 1.1644 U.S. dollars from 1.1671 dollars in the previous session, and the British pound rose to 1.2956 dollars from 1.2927 U.S. dollars in the previous session. The Australian dollar was up to 0.7028 U.S. dollar from 0.7026 dollar.

The U.S. dollar bought 104.67 Japanese yen, higher than 104.66 Japanese yen of the previous session. The U.S. dollar increased to 0.9170 Swiss franc from 0.9158 Swiss franc, and it was down to 1.3317 Canadian dollars from 1.3324 Canadian dollars.

On the data front, U.S. personal consumption expenditures increased 1.4 percent in September and personal income rose 0.9 percent, the Commerce Department reported Friday.

"The good news is the strong income growth and strong spending growth in September. The bad news is, once again, the clear evidence that some people are being left behind," Chris Low, chief economist at FHN Financial, said in a note, adding "the details reveal the K-shaped disparity between those who can work and those who cannot due to COVID."

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