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EUR/USD Faces a Slight Correction

June 27, 2008 by

EUR/USD corrected slightly today after fundamental data both from U.S. and Eurozone showed more support for the dollar rather than for the euro. Important consumer spending and income data arrived from U.S. today, while Eurozone released its business and consumer survey. EUR/USD fell from 1.5750 to 1.5742 today.

Personal income and outlays report showed 1.9% and 0.8% growth in May, respectively. That’s above 0.3% and 0.4% growth in April and 0.4% and 0.7% forecasts for May. Such good values for this important economic indicator may signal that the U.S. economy is recovering from the recent financial crisis.

Eurozone consumer confidence indicator went down in June from -15 to -17, while business climate indicator decreased from 0.58 to 0.14 the same month.

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