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The US dollar bounced back from Monday’s losses as it gained ground against the euro and the yen.
After weakening against the euro earlier this week, the dollar recovered Tuesday and stood at $1.37 during morning businesss in New York.
Meanwhile, the dollar was also up against the yen at 119.25.
These gains came amid reports of a sharp rise in consumer confidence, up from 105.3 in June to 112.6 in July.
The euro also gained against the yen early Tuesday, up from 162.90 to 163.30.
Meanwhile, latest data that US Employment Cost Index rose 0.9 percent in the second quarter of 2007, while benefit costs were up 1.3 percent.
Private wages were up 0.8 percent in the second quarter, compared to 1.1 for the previous three months.
For the year ending in June, the ECI was up 3.3 pct. Wage and salary costs and benefit costs both rose 3.4 pct during the 12 months.
In other news, United States consumers were shown to be spending significantly less at the tills in June, despite income increases.
There was a mere 0.1 percent increase in personal consumption spending in June. This came despite a year-on-year inflation rate of 1.9 percent and just 0.1 percent for June. However, this low figure did little to bosst consumer spending.
Also, the commerce Department reported that personal incomes rose 0.4 percent in June.
08:59
Posted on Aug-01-2007
