The money isn’t exactly flying around yet, but consumers opened their wallets a little wider last month. The news, which is what economists had anticipated, is sending exchange traded funds (ETFs) higher this morning.

With consumer spending being two-thirds of the economy, you’d better believe that any improvement on that front will be greeting with a measure of jubilation. Consumer spending rose for the fifth straight month in February. The 0.3% growth matched economists’ expectations. Later this week, the Labor Department will deliver its monthly employment report. The consensus is that it will show jobs growth. Consumer Discretionary Select Sector SPDR (NYSEArca: XLY) is up slightly this morning. [Retail ETFs Have Their Work Cut Out.]

As the dollar weakens and equity strengthens this morning, oil prices in turn surge to $82 a barrel. Investors, emboldened by an improving consumer picture and gaining equities, are hunting for riskier assets and moving out of safe-haven tools. United States Oil (NYSEArca: USO) is up nearly 3% this morning. [Oil ETFs: Where Are Prices Heading?]

The euro is rallying to a two-week high against the yen, thanks to an upcoming sale of Greece debt. The government is aiming to raise $6.7 billion in seven-year bonds to help the country meet its obligations that are due in April. CurrencyShares Euro Trust (NYSEArca: FXE) is up about 0.4% this morning. [How to Play Currency ETFs While Greece Awaits a Fix.]

Read the disclaimer; Tom Lydon is a board member at Rydex|SGI.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.