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Dollar Up Despite U.S. Mixed Data

February 23, 2010 by

The U.S. currency continued to climb versus the euro despite mixed data being published today in North America, with some considerably bad figures as consumer confidence slumped much below forecasts. The factors behind the euro’s downfall are still much stronger than any eventual turbulence caused by negative reports published today in the U.S. EUR/USD currently trades at 1.3547.

Richmond Fed manufacturing index rose to 2 in February, from a previous reading of -2 in January. Forecasts expected this production index to be at 0. This report is definitely positive for the U.S. manufacturing, as its the first reading above 0 in months, indicating an increase in production.

Consumer Confidence, which had increased in January, reverted the trend and fell to 46.0 in February, down from the revised value of 56.5 in the past month. Forecasts didn’t expect such sharp drop and suggested confidence to be at 55.0.

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

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