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EUR/USD Slows Rally Ahead of Holiday

March 29, 2018 (Last updated on March 30, 2018) by

EUR/USD slowed its rally today as market were preparing for the Good Friday. Many US markets will be closed for the holiday and trading volumes will be light. As for today’s US economic data, it was mostly decent with the exception of Chicago PMI.

Personal income rose 0.4% and personal spending rose 0.2% in February. Both registered the same rate of growth as in January and both matched analysts’ expectations. Core PCE inflation was at 0.2%, also in line with expectations, but slightly below the January level of 0.3%. (Event A on the chart.)

Initial jobless claims dropped from 229k to 215k last week, whereas specialists had expected almost no change. The claims were at the lowest level since January 1973. (Event A on the chart.)

Chicago PMI dropped from 61.9 in February to 57.4 in March. That is instead of rising to 62.1 as experts had predicted. (Event B on the chart.)

Michigan Sentiment Index rose from 99.7 in February to 101.4 in March according to the revise estimate. The actual figure was below the preliminary reading of 102.0 and the forecast value of 101.9. (Event C on the chart.)

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

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