FX round-up: Dollar moves ahead

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Date: Friday 02 May 2008

LONDON (ShareCast) - The dollar moved ahead against other major currencies on mixed economic data.

US consumer spending rose 0.4% in March, though this was largely due to higher prices for energy and food. Personal income increased a less-than-expected 0.3%, while core PCE deflator rose more-than-expected at 0.2%.

ISM manufacturing activity remained unchanged in April at 48.6 against expectations of a fall to 48. Construction spending fell 1.1% in March against expectations of a 0.7% drop and job claims rose by 35,000 last week

Sterling slipped against the dollar but did well against the euro after the Bank of England suggested the cost of the credit crunch may not be as bad as some feared.

Meanwhile, the Chartered Institute for Purchasing and Supply (CIPS) said its monthly purchasing managers index eased to 51 last month from 51.3 in March, not as bad as the predicted slip to 50.8.

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