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EUR/USD Falls as US PMI & Construction Spending Grows

November 1, 2010 by Vladimir Vyun

EUR/USD dropped today as reports showed that construction spending and manufacturing in the US unexpectedly increased. Reports about personal income and spending were worse than expected, on the other hand. There are no releases tomorrow, yet the senate elections, which will occur tomorrow, may have far reaching consequences for the US. The EUR/USD currency pair trades now at 1.3880.

Reports about personal income and spending posted lower-than-forecast values. Personal income decreased 0.1% in September, while a 0.3% growth was expected. Income rose 0.4% (revised from 0.5%) in August. Personal spending increased 0.2% in September, compared to a forecast value of 0.4% and a previous reading of 0.5% (revised from 0.4%).

ISM PMI was at 56.9 in October, an increase from September reading of 54.4. Experts forecast a decline to 54.2.

Total construction spending in the US increased 0.5% in September from August, while a decrease by the same value was predicted. A previous reading was 0.2%

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

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