The dollar pared much of the euro’s advance from last week as several reports in the U.S. indicated that economic improvements in the country are far more positive than the situation in most Eurozone member countries, as manufacturing increased for another month and personal spending rose beyond forecasts. The EUR/USD currency pair trades currently at 1.3505.
Personal income rose by 0.1% in January from a previous revised increase of 0.3% in December and below forecasts that suggested a rise by 0.5%. Personal spending rose considerably more, showing an advance of 0.5% from a previous one of 0.3%, while forecasts expected a growth by 0.4%. Core PCE price index remain unchanged while forecasts expected a rise by 0.1%.
ISM PMI Index was to 56.5 in February with a slighltly lower result for this index from a previous reading at 58.4. Forecasts expected this manufacturing index to be at 57.7. Readings above 50 mean expansion in the sector.
Total construction spending declined by 0.6% in January confirming numbers expected by forecasts, and from a previous decline of 1.2% in December.
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