Monday, April 30, 2007

Dollar Makes Slight Gains Against Euro, Pound And Yen On Monday, Monday, April 30, 2007 8:58:03 AM

The U.S. dollar showed early strength against its major counterparts on Monday morning in New York. The greenback advanced against the euro, pound and yen during the early morning trading. However, while the dollar moved up against its major counterparts during the first part of the day, the release of personal income and spending data in the mid-morning caused the dollar to give back some of its early gains.

The dollar made some gains on the euro in New York on Monday. The greenback made its strongest advance of the session with the release of data on German retail sales at 2 am Eastern Time. The buck continued to gain on the euro during that time, hitting a daily high of 1.3590 at 5 am Eastern Time, when data on Euro zone consumer confidence was released. However, the greenback began to give back some of its gains as the morning progressed, and shortly before 9 am Eastern Time, the dollar traded at 1.3618 against the euro. Even with the gain, the dollar continues to hover below an all-time low against the euro.

The greenback also made slight gains against the pound on Monday in New York. The dollar slowly moved forward throughout the early morning. The release of data on BBA mortgage approvals caused the dollar to move to a daily high of 1.9891 around 5 am Eastern Time. As the morning progressed, the dollar gave back some of its early gains, but the dollar still remained above its starting level for the day. Shortly before 9 am Eastern Time, the greenback traded at 1.9950 against the sterling.

The dollar advanced on the yen on Monday morning in New York as the Japanese markets were closed for a holiday. The greenback slowly moved up on the yen, hitting a daily high of 119.75 at 5 am Eastern Time. The dollar moved off that level as the day progressed, however, and shortly before 9 am Eastern Time, the buck traded at 119.53 against the yen.

Monday morning, the Department of Commerce released its report on personal income and spending in the month of March, which showed that personal income rose 0.7% in March, matching an upwardly revised 0.7% increase in February. The increase came in modestly above economist estimates of a 0.5% increase. At the same time, personal spending rose 0.3% after an upwardly revised 0.7% increase in February. Economists expected personal spending to rise 0.5% compared to the 0.6% increase originally reported for the previous month.
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