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Second Day of Better-Than-Expected Data from US, EUR/USD Up

October 1, 2010 by

EUR/USD extended its rally today as outlook for Europe’s economy improves and talks about quantitative easing in the US persist. Today’s reports make one question necessity of additional stimulus as data was better than analysts predicted. EUR/USD trades now at 1.3753.

Personal income and spending grew in August. Personal income increased 0.5%, compared with a previous reading of 0.2% and forecast 0.3%. Personal spending increased or 0.4%, just as forecasts predicted and was at the same rate of growth as in July.

University of Michigan index in its revision went up from 66.6 to 68.9 in September. The value was revised from 66.6 of the preliminary report. The expected revision result was 67.1.

ISM PMI indicator fell to 54.4 in September from 56.3 last month. It was slightly below the forecast value of 54.6.

Construction spending rose 0.4% in August, while analysts expected it to decline with the same rate. It dropped 1.4% (revised from 1.0%) in a month earlier.

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

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