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EUR/USD Growth Reverses on Dollar-Positive News

April 29, 2011 by

The dollar recovered against the euro today after a bearish performance earlier as some positive news regarding personal income and spending coming out in the United States during the day. Mixed sentiment indexes continued to play in the greenback’s favor. EUR/USD is now trading near 1.4821.

Personal income increased by 0.5% in the US in March, while spending rose by 0.6%. In February, income added 0.4% and spending increased by 0.9%. The forecasts for these indicators were at 0.4% and 0.5% respectively.

Chicago PMI decreased from 70.6 to 67.6 in April; a decline to 68.2 was anticipated by the traders.

University of Michigan Sentiment Index rose from 69.6 to 69.8 in its final revision for April. Median forecast showed a growth to 70.0 for this consumer confidence indicator.

EUR/USD  2011-04-29

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