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Rally of EUR/USD Accelerates

April 29, 2016 by

After four sessions of modest gains, EUR/USD demonstrated an impressive jump during Friday’s trading. It was not surprising if one takes into consideration that the majority of US economic indicators released during the current trading session were not good. The only better-than-expected piece of data was personal income. All others were below expectations.

Personal income and spending rose in March. Income was up 0.4%, beating the analysts’ estimate of 0.3% and the February downwardly revised reading of 0.1%. At the same time, spending missed expectations, rising just 0.1% last month while economists were counting on the same 0.2% rate of growth as in the month before. (Event A on the chart.)

Chicago PMI came out at 50.4 in April — a decrease from the March level of 53.6. Forecasters turned out to be too optimistic promising a reading of 53.1. (Event B on the chart.)

Revised Michigan Sentiment Index showed a reading of 89.0 in April. It was worse than the preliminary estimate of 89.7, the analysts’ average prediction of 90.3 and the March value of 91.0. (Event C on the chart.)

EUR/USD as of 2016-04-29

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