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Forex News: U.S. Dollar Slides As U.S. Personal Income Rises

U.S. Dollar Slides As U.S. Personal Income Rises Less Than Expected

05/01/2017 - 09:01:00 (RTTNews)

(RTTNews) - The U.S. dollar traded lower against its major counterparts in the European session on Monday, after a data showed that U.S. personal income rose slightly less than expected in March.

Data from the Commerce Department showed that personal income rose by 0.2 percent in March after climbing by a downwardly revised 0.3 percent in February.

Economists had expected income to climb by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.

Meanwhile, the personal spending was unchanged for the second consecutive month. Spending had been expected to rise by 0.2 percent.

The greenback was trading lower at 1.2932 against the pound, off its early high of 1.2901.

The greenback eased to 1.0921 versus the euro, 0.9928 against the franc and 111.58 against the yen, from its early high of 1.0884, 5-day high of 0.9965 and near a 5-week high of 111.91, respectively.

The next possible support for the greenback is seen around 0.97 against the franc, 110.00 against the yen, 1.32 against the pound and 1.10 against the euro.

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