EUR/USD was falling today, but attempted to rally after the set of poor economic report from the United States was released. The attempt failed so far. Almost all US fundamental data was worse than anticipated by analysts. One notable exception was unemployments claims that stayed almost unchanged for the second week, letting economists believe that employment reports will be good this month.
Initial jobless claim were little changed at the seasonally adjusted rate of 351k last week from the previous week’s 353k and in line with the forecast of 350k. (Event A on the chart.)
Personal income and spending increased in January. Income rose 0.3%, compared to the median estimate of 0.5% and spending was up 0.2% compared to analysts’ prediction of 0.4%. The figures were 0.5% and 0.0% respectively in December. (Event A on the chart.)
ISM manufacturing PMI was 52.4% in February, frustrating experts that predicted an increase to 54.6% from the January value of 54.1%. (Event B on the chart.)
Construction spending shrank 0.1% in January from December when it rose 1.4%. Market participants was unpleasantly surprised by the actual reading as they expected growth by 1.1%. (Event B on the chart.)
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