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Dollar boosted by US consumer spending figures

30th August 2011

The dollar rose in value against the Swiss franc and yen in forex trading on Monday (August 30th), spurred by strong consumer spending figures from the US.

According to Reuters, the greenback climbed by 1.3 per cent to 0.8173 francs and by 0.3 per cent to 76.93 yen. However, the American currency also slipped against the euro, which rose by 0.1 per cent to $1.4508.

Consumer spending rose by 0.8 per cent in July compared with June, representing the biggest rise in five months, the commerce department revealed. When the figures were adjusted for inflation, spending rose by 0.5 per cent.

Kathy Lien, director of currency research at GFT Forex, said the report will make Federal Reserve officials feel "slightly better" about the country's economic outlook, potentially reducing fears of another recession.

However, she cautioned: "The slower rise in incomes relative to spending means that they cannot take their hands off the go button."

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.