The dollar rose across the board on Thursday as new data backed view that the U.S. Federal Reserve would stop rate cuts.
A closely watched gauge of manufacturing activity from the Institute of Supply Management (ISM) activity posted a reading of 48.6 for April, unchanged from the previous month and higher than expected.
The ISM index indicated that U.S. manufacturing contracted for the third straight month, but not as much as economists had expected, suggesting a relatively stable economy.
U.S. consumer spending rose 0.4 percent in March from the previous month, the Commerce Department said Thursday. The increase was the strongest since January and double analysts' consensus forecast of a 0.2 percent gain.
An inflation gauge in the report, the personal consumption expenditures (PCE) index, showed consumer prices rose 0.3 percent in March. The core PCE reading, which excludes volatile food and energy costs, rose 0.2 percent March, exceeding expectations of a 0.1 percent rise.
Investors are closely watching the U.S. non-farm payrolls data for April to be released on Friday.
The euro bought 1.5461 dollars in late New York trading compared with 1.5642 dollars it bought late Wednesday. The pound fell to 1.9737 dollars from 1.9893 dollars.
The dollar rose to 1.0494 Swiss francs from 1.0338 Swiss francs, and rose to 105.26 Japanese yen from 104.17 Japanese Yen. It rose to 1.0187 Canadian dollars from 1.0046 Canadian dollars.
Source: Xinhua
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