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EUR/USD Lacks Direction

August 29, 2014 by

EUR/USD lacked direction today as economic indicators released from both the United States and Europe were mixed. The currency pair demonstrates downside bias as of now because the most recent US reports were positive for the dollar.

Personal income and spending came out worse than was expected. Income rose 0.2% in July, slower than the predicted growth of 0.3% and the June increase of 0.5%. Spending fell 0.1%, compared to the forecast increase of 0.2% and the previous month’s rise by 0.4%.

Chicago PMI jumped from 52.6 in July to 64.3 in August, exceeding analysts’ expectations of 56.8. The jump followed the previous month’s sharp slump.

Michigan Sentiment Index stood at 82.5 in August, according to the revised report. It was higher than the preliminary estimate of 79.2, the analysts’ forecast of 80.2 and the previous month’s figure of 81.8. The report said:

Consumers judged their current financial situation more favorably than anytime since the start of the Great Recession.

EUR/USD for 2014-08-29

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