The US dollar was struggling to gain ground on Friday following the initial losses and had a limited success. The US currency had to wait for Monday to really regain its strength. The greenback gained on the euro during the current trading session but has trouble to follow through with its rally. EUR/USD is consolidating right now even though the recent US economic data was favorable to the dollar.
Personal income increased 0.4% in February, at the same rate as in January (revised.) Personal spending was up 0.1% after falling 0.2% in the preceding month. Forecasters predicted growth by 0.3% for both indicators. (Event A on the chart.)
Pending home sales rose 3.1% in February, exceeding the market expectations of a 0.5% increase by a wide margin. At the same time, the January’s increase was revised negatively from 1.7% to 1.2%. (Event B on the chart.)
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