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US Data Mixed, EUR/USD Surges

January 31, 2020 by

EUR/USD surged today after the market sentiment improved a bit. US macroeconomic reports released today were mixed, giving the currency no help in finding direction.

Personal income rose by 0.2% in December, while personal spending rose by 0.3%. Analysts had predicted an increase of 0.3% for both indicators, and both of them were up 0.4% in November. Core PCE inflation was at 0.2%, while traders were expecting it to stay unchanged at 0.1%. (Event A on the chart.)

Chicago PMI dropped from 48.9 in December to 42.9 in January. That was a total surprise to market participants as they were expecting no change to the index. (Event B on the chart.)

Michigan Sentiment Index was up to 99.8 in January from 99.3 in December according to the revised estimate. Analysts were expecting the same 99.1 reading as in the preliminary report. (Event C on the chart.)

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

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