EUR/USD was trying to extend its rally for yet another day on Friday and has been successful at first. Yet the currency pair halted its advance as of 8:30 GMT and was moving down since, reaching the opening level and attempting to go lower. Whatever the reason for such behavior, it is not US economic data, which was not as good as dollar bulls had hoped for.
Personal income and spending rose in July. Income was up 0.4%, matching expectations, while spending rose 0.3$, at the same rate in June but below the median forecast of 0.4%. (Event A on the chart.)
Michigan Sentiment Index fell from 93.1 in July to 91.9 in August according the revised estimate. The actual figure was below the preliminary reading of 92.9 and the analysts’ forecast of 93.2. (Event B on the chart.)
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