EUR/USD maintained yesterday’s gains today as traders were relaxed after Cyprus opened its banks and instituted measures to prevent a massive escape of capital from the country’s banking system. Trading volumes were thin because of the Good Friday holiday. Still, there were a few reports and rather positive ones, which supported the investors’ good mood.
Both personal income and spending increased in February, being in line with forecasts. Income rose 1.1% last month following the 3.7% drop. Spending grew 0.7% after increasing 0.4% in the previous month. (Event A on the chart.)
Michigan Sentiment Index rose from 77.6 in February to 78.6 in March according to the revised estimate. The actual data was noticeably better than the forecast of 73.2 and the preliminary assessment of 71.8. (Event B on the chart.)
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