EUR/USD Recovers on Moderate US Data

The euro managed to rise today following a rather good report on the US income and spending growth and a moderately poor report on housing. The currency pair failed to rally, but is still showing a nice intraday uptrend.
Personal income and spending increased by 0.3% and 0.5% respectively in August. Income grew in line with the forecasts, spending increased slightly faster. Income rose by 0.2% in July, while spending fell by 0.1% that month. (Event A on the chart.)
US pending home sales fell by 1.0% in August. The drop followed a 3.3% growth in July and was bigger than the forecasted 0.5% decline. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Leave a Reply

Your email address will not be published. Required fields are marked *