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Dollar Gains Against Other Major Currencies

The U.S. dollar firmed up against other major currencies on Friday riding on some upbeat economic data.

A report from the Commerce Department said personal income in the U.S. soared by 21.1% in March after plunging by a revised 7% in February.

Economists had expected personal income to spike by 20.3% compared to the 7.1% slump originally reported for the previous month.

The report also showed personal spending jumped by 4.2% in March following a 1% decrease in February. Personal spending was expected to surge up by 4.1%.

Chicago-area business activity unexpectedly saw faster growth in the month of April, according to a report released by MNI Indicators on Friday.

MNI Indicators said its Chicago business barometer jumped to 72.1 in April from 66.3 in March, with a reading above 50 indicating growth. Economists had expected the index to edge down to 65.3.

Revised data released by the University of Michigan showed consumer sentiment in the U.S. improved by more than initially estimated in the month of April.

The report showed the consumer sentiment index for April was upwardly revised to 88.3 from a preliminary reading of 86.5. Economists had expected the index to be upwardly revised to 87.5.

The consumer sentiment index rose from 84.9 in March to reach its highest level since hitting 89.1 in March of 2020.

The dollar index rose to 91.32, gaining nearly 0.8%.

Against the Euro, the dollar strengthened to 1.2022, firming up from $1.2122. Eurozone GDP shrank by 0.6% in the first three months of this year as slow vaccine rollout and ongoing lockdowns delayed recovery, new figures from Eurostat showed.

The euro zone jobless rate fell to 8.1% in March, down from 8.2% in February and better than expectation of 8.3%.

The dollar was strong against Pound Sterling, at $1.3811, after having settled at $1.3940 on Thursday.

The Yen weakened to 109.34, drifting down from 108.92 a dollar.

Against the Aussie, the dollar strengthened to 0.7712 from 0.7766.

The Swiss franc was weaker by about 0.5% at 0.9131, having slid from 0.9086 a dollar, while the Loonie was down marginally at C$1.2292 a dollar.

Data from Statistics Canada showed the Canadian economy expanded 0.4% month-over-month in February, after a 0.7% increase in January.

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