WSJ: Dollar Finds Support on Signs of Consumer Spending
The dollar is finding some support as investors dig through the third read on 1Q growth. Chris Gaffney of EverBank World Markets says investors are likely to focus on the consumer spending figure for the period, which was revised higher. The consumer has been a missing element in the US economic recovery, even as gas prices have fallen. The numbers “bolster the idea that the 1Q slowdown was temporary and that we’ll get stronger going forward; it puts a September rate hike more firmly on the table,” Gaffney says. “This could put the dollar back into rally mode.” Dollar now up 0.2% at Y124.14, from Y123.95 before the GDP report. The euro still up 0.2% for the session, but loses ground to $1.1186 from $1.1207 beforehand.
