Investing.com - The dollar remained broadly weaker against the other major currencies on Tuesday, remaining close to the day’s lows following a slightly better than expected report on U.S. consumer spending.
The Commerce Department said personal spending, which measures how much Americans spend, increased 0.4% in June from a month earlier.
Economists had forecast an increase of 0.3%.
Household spending, which accounts for more than two-thirds of economic output in the U.S., had also climbed 0.4% in May.
Personal income rose 0.2%, falling short of forecasts of 0.3% growth.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.47% at 95.3.
The data came a day after Dallas Fed head Robert Kaplan urged caution on raising U.S. interest rates again amid a raft of risks facing the global economy.
The U.S. central bank hiked rates for the first time in almost a decade in December.
Expectations for fresh rate hikes this year have dimmed considerably in the aftermath of last week’s surprisingly weak data on U.S. second quarter growth.
The euro rose to five-week highs against the dollar earlier and the yen rose to three-week highs against the greenback earlier after Japan’s government approved a package of stimulus measures to spur economic growth.
EUR/USD was up 0.3% at 1.1195, after rising to highs of 1.1208 earlier.
USD/JPY was down 0.84% at 101.55, the weakest level since July 11.
Sterling was also stronger against the dollar, with GBP/USD rising 0.78% to 1.3278.
Meanwhile, the Australian dollar was up more than 1%, with AUD/USD at 0.7618.
The Aussie initially fell after the country’s central bank cut interest rates to record lows earlier in a bid to stave off deflation.