Summary Dollar edged up against other currencies Monday helped by reports of improved US household incomes.
NEW YORK (AFP) - The dollar edged up against other major currencies Monday helped by reports of improved US household incomes and construction spending.
Markets shrugged off signs that American consumers remain reticent to spend, seeing the 0.4 percent rise in incomes and accumulating savings in April as a foundation for stronger spending and economic growth ahead.
Meanwhile, data showed US construction spending picked up strongly in April, backing beliefs that the economy is rebounding after the winter stall.
But the dollar s gain was modest -- rising to $1.0924 against the euro and to 124.81 yen -- as markets wait to see how a gush of other data on the European and US economies turns, and what the European Central Bank says after its meeting on Wednesday.
And Greece s battle with official creditors over more financing still looms, with the country facing a Friday deadline to come up with 300 million euros to pay the International Monetary Fund.
"Each one of these event risks could take the focus off the dollar but collectively it assures an active and volatile week for currencies," said Kathy Lien of BK Asset management.
"While the momentum is certainly on the side of the dollar, concern that non-farm payrolls may not live up to expectations could lead to profit-taking," she said, referring to the US report on the jobs market for May, to be released on Friday.
