Monday, October 19, 2009

EUR/USD Grows Positive Income/Spending Data

EUR/USD rose today at a relatively slow pace after posting its biggest daily gain since August 3 yesterday. The rather good personal income/spending data that came out in U.S. today helped the traders to decide in favor of more risky and yielding assets, including the euro. EUR/USD is now trading near 1.4367.

Personal income in U.S. remained unchanged in July compared to June’s value, while the June’s change was positively revised from -1.3% to -1.1%. Personal spending increased by 0.2% in July after 0.6% gain in June (positively revised from 0.4% gain). According to median forecasts, income should have increased by 0.1% and spending — by 0.2%.

Michigan sentiment index went up to 65.7 in August according to a new revised report. The previous value was 63.2 and the traders expected a rise only to 64.

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