The Greenback strengthened against the Euro, as the Monday report showed that US consumer spending jumped significantly in September. EUR/USD decreased 16 base points to enter the 1.1610 area, but the European single currency managed to bring the pair back to 1.1655.
The Commerce Department showed that consumer spending, which constitutes nearly two-thirds of the US economic output, grew 1.0% in September, the strongest gain since 2009, after a modest 0.1% rise in the prior month. The increase was driven by households replacing hurricanes-damaged vehicles as well as higher purchases on utilities. The Federal Reserve is set to announce its interest rate decision on Wednesday, taking into account current inflation trends.
