EUR/USD Moves Higher for Second Session

EUR/USD was rising, the second trading session of gains after two session of decline. Analysts theorized that such behavior was a result of traders exiting bets on additional gains ahead of the year-end. US data was moderately good, with improving indicators, but without any significant surprises.
Both personal income and spending increased in November. Income rose 0.2%, compared to the predicted increase of 0.4% and the October drop of 0.1%. Spending was up 0.5%, matching forecasts and above slightly the October rise of 0.4%. (Event A on the chart.)
Michigan sentiment index rose from 75.1 in November to 82.5 in December. The revised estimate was the same as the preliminary reading and a bit below the analysts’ expectations of 82.9. (Event B on the chart.) The report said:

While the end of the government shutdown did ease concerns about the economy, it did not generate any more confidence in the government’s economic policies.

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