Dollar rises on upbeat economic reports

By Ben Rooney, staff reporter


NEW YORK (CNNMoney.com) -- The dollar rose Monday following upbeat economic data and as concerns about the debt crisis in Europe lingered.

The dollar was up 0.9% versus the euro to $1.3194 and gained 0.4% against the U.K. pound at $1.5244. Against the Japanese yen, the dollar rose 0.7% to ¥94.6.

Greece: The euro remained under pressure as European stock markets struggled despite a bailout for the Greek economy that was much larger than previously estimated. (U.K. markets are closed for a public holiday.)

Greek officials announced Sunday that the debt-stricken nation has agreed to tough austerity measures as part of a three-year deal to receive $146 billion from the European Central Bank, European Commission and the International Monetary Fund.

Jean-Claude Juncker, who heads a group of finance ministers from nations that use the euro, said the first disbursement of bailout money will be made before May 19, when Greece must refinance billions worth of public borrowings.

Concerns that Greece could default on its debts had weighed on the euro for several weeks. The emergency aid package is intended to help restore confidence and safeguard financial stability in the euro area, officials said.

While the agreement eased some concerns about the immediate fiscal crisis in Greece, the long-term outlook for that country and other struggling European economies remains uncertain.

Economic data: Meanwhile, investors in the United States were focusing on key economic reports released Monday.

The Commerce Department said personal income rose 0.3% in March, in line with economists' predictions, following a 0.1% rise in February.

Personal spending was also in line with expectations, rising 0.6% in March after a 0.5% jump in the previous month.

The Institute for Supply Management's April manufacturing index climbed to 60.4 from 59.6 in March, beating the reading of 60 economists surveyed by Briefing.com were expecting.

On tap: Later this week, investors will take in economic data on manufacturing activity, factory orders and the government's closely watched jobs report for April.

Economists surveyed by Briefing.com expect the U.S. economy added 187,000 jobs last month, after a gain of 162,000 jobs in March. The unemployment rate is forecast to hold steady at 9.7%.  To top of page

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