EUR/USD Fell on Growing U.S. Income and Spending

EUR/USD fell yesterday after the reports on the growing personal income and spending showed that the U.S. consumers may help the country’s economy to recover faster from the crisis. The declining construction spending failed to move the dollar down against the euro yesterday. The currency pair ended its trading at 1.2560 after opening at 1.2618.
Personal income rose by 0.4% in January after contracting by 0.2% in December; the median forecast for its change was at -0.2%. Personal spending rose by 0.6% in January after falling by 1% in December; it was expected to grow by 0.4%.
Construction spending fell by 3.3% in January compared to the December’s level, following 1.4% drop a month before and 1.5% decline forecast.
ISM manufacturing index report showed that PMI rose from 35.6% to 35.8% in February, while the market participants expected a small decline to 34%.

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