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- US: Personal Income rose 0.3% MoM in December vs 0.5% exp, Personal Spending fell 0.6% MoM vs 0.6% expected drop
US: Personal Income rose 0.3% MoM in December vs 0.5% exp, Personal Spending fell 0.6% MoM vs 0.6% expected drop
- Personal Income rose 0.3% MoM in December, below expected, while Personal Spending fell 0.6% MoM as expected.
- The DXY has seen some weakness, which analysts said reflected weaker Q4 US wage data released at the same time.
US Personal Income rose by 0.3% MoM in December, below expectations for a 0.5% MoM rise, according to a report released on Friday by the Bureau of Economic Analysis and Department of Commerce. That marked a slight deceleration from November's 0.5% MoM growth rate. Meanwhile, Personal Spending fell by 0.6% in December, in line with expectations for a 0.6% MoM drop, confirming a deceleration from November's 0.4% MoM positive growth rate.
Market Reaction
Broadly in line with expected Personal Income and Spending figures don't seem to have impacted FX markets. The dollar has eased in wake of the latest data dump, where the focus has been on a larger than expected deceleration in the US Q4 Employment Cost Index inflation rate. The data has been interpreted as easing the pressure on the Fed to aggressively hike interest rates this year to tame labour market inflationary pressures and short-end US yields have seen a sharp pullback, weighing on the buck.
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