USD Continues to Rise on Positive Data

The U.S. Dollar (USD) continued to rise on Friday, supported by positive economic data that signaled an improvement in consumer spending.

The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is up for the day by 0.48% at 90.57.

The index has been moving the positive territory since the beginning of today’s session, moving in a range between 90.13, its closing point on Thursday, and 90.77.

Earlier today, data showed that consumer spending in the United States increased sharply last month, amid increased government stimulus spending and a decrease in the number of new Coronavirus cases.

U.S. consumer spending rose by 2.4% in January, following a 0.4% decline in December, data by the U.S. Department of Commerce showed on Friday.

The reading signals an improvement that could speed up economic recovery in the U.S. during the first quarter of the year, as consumer spending accounts for more than two-thirds of economic activity in the U.S.

In addition, data showed that personal income leveled up by 10% in January 2021.