US: Personal Income rose 0.4% MoM vs 0.4% expected, Personal Spending rose 0.6% vs 0.6% expected in November

Personal Income rose 0.4% MoM in November and Personal Spending rose 0.6%, both in line with forecasts.
The dollar did not seem to react to broadly solid US macro data.

Joel Frank Independent Analyst

According to a report released on Thursday by the Bureau of Economic Analysis and Department of Commerce, US Personal Income rose by 0.4% MoM in November, in line with consensus forecasts for a 0.4% MoM rise. That marks a slight moderation in income growth rates since October's 0.5% reading.

Meanwhile, US Personal Spending rose by 0.6% MoM in November, also in line with consensus estimates for a MoM growth rate of 0.6% and following October's (upwardly revised from 1.3%) 1.4% MoM increase.

Market reaction

The dollar did not seem to react to the latest strong raft of US macro data.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD holds below 1.1700 despite Fed rate cut, US Jobless Claims data eyed

The EUR/USD pair posts modest losses near 1.1690 during the early European trading hours on Thursday. However, the US Federal Reserve's dovish rate cut on Wednesday could weigh on the US Dollar against the Euro. Traders await the release of the US weekly Initial Jobless Claims report, which is due later on Thursday.

GBP/USD softens as traders eye BoE rate cut next week

The GBP/USD pair trades in negative territory near 1.3365 during the early European trading hours on Thursday, pressured by the rebound in the US Dollar. Nonetheless, the potential downside might be limited after the US Federal Reserve delivered a rate cut at its December policy meeting. Traders brace for the US weekly Initial Jobless Claims report, which will be published later on Thursday.

Gold retreats from weekly top as USD rebounds slightly following the post-FOMC slump

Gold retreats following a modest Asian session uptick to the $4,247 area, or a fresh weekly high, and for now, seems to have snapped a two-day winning streak. A generally positive risk tone, along with a modest US Dollar bounce from its lowest level since October 24, turns out to be a key factor undermining demand for the safe-haven precious metal.