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EUR/USD Dips, Driven Down by Data from USA

March 3, 2014 by Vladimir Vyun

EUR/USD dipped today, following Friday’s jump, as US macroeconomic reports were good across the board. The currency pair also dropped as fears grow that the tensions between Russia and Ukraine may escalate into a full-scale war, which may involve the United States and Europe.

Growth of personal income and spending accelerated January. Income rose 0.3% in January after showing no change in December. Spending grew 0.4% following the 0.1% increase (revised down from 0.4%). The median forecast promised growth by 0.2% for both income and expenditures. (Event A on the chart.)

ISM manufacturing PMI climbed from 51.3 to 53.2 in February, exceeding the analysts expectations of 52.3. (Event B on the chart.)

Construction spending rose 0.1% in January from December, while economists have expected no change. The December increase received a major upward revision from 0.1% to 1.5%. (Event B on the chart.)

EUR/USD-2014-03-03

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