US: Personal Income falls by 7.1% in February, Personal Spending drops by 1%

• Personal Spending in US fell more than expected in February.
• US Dollar Index extends sideways grind around 92.80 after the data.

The US Bureau of Economic Analysis reported on Friday that Personal Income in February declined 7.1% on a monthly basis. This reading followed January's impressive increase of 10.1% and came in slightly better than the market expectation for a decrease of 7.3%.

Further details of the publication revealed that Personal Spending contracted by 1% during the same period, compared to analysts' estimate of 0.7%.

Market reaction

The US Dollar Index largely ignored this report and was last seen trading virtually unchanged on the day at 92.84.