MW: Dollar remains firm after income and consumer spending data
The dollar remained firm early on Monday after December data on consumer spending and personal income, which were mostly as expected. The dollar index which measures the U.S. unit against a basket of six major currencies, stood at 86.444. Ahead of the data, it stood at 86.329, up from 85.893 late on Friday. Consumer spending fell 1% in December. Economists surveyed by MarketWatch predicted that spending would decline 0.9%. The report also showed personal income fell less than forecast and inflation was flat. The dollar received an early bid as global stocks came under pressure amid renewed concerns about banks. Still to come, a manufacturing survey from the Institute for Supply Management is expected to edge lower in January from 32. 9.
