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Dollar Returns to Bullish Trend Despite Previous Losses

October 31, 2008

EUR/USD dropped today for the second day despite the correctional wave that was forming during the last three days. After peaking at 1.3288 yesterday, the currency pair is now trading near 1.2733 as the traders continue to dump other currencies and buy U.S. dollars.

U.S. personal income rose by 0.2% in September, following 0.4% increase in August and slightly above 0.1% forecast. Personal spending decreased faster than the analytics expected — by 0.3% instead of 0.2%. This decline followed the stagnation in August.

Chicago PMI declined at a surprisingly fast pace in October — from 56.7 to 37.8. Market analytics forecasted a drop 48.0.

Michigan Sentiment Index dropped from 70.3 to 57.6 in October, which is slightly above 57.5 forecast value.

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