EUR/USD dropped today, going below the yesterday’s positive trading session’s open level. The traders probably react on the improved personal income and spending growth report, betting for the faster U.S. economy’s recovery. On the other hand, a growth of the dollar may be a result of the bad jobless claims report. Currently EUR/USD is trading near 1.4554, it also reached it’s lowest level since September 14th today — 1.4518.
Personal income rose by 0.2% in August in United States. Personal spending increased by 1.3% in that month. Income growth remained the same as in July, while the spending growth accelerated from 0.3%. Forecast for personal income gain was at 0.1% and the forecast for spending was at 1.1%.
Initial jobless claims went up from 534k to 551k last week. That was an unexpected gain as only 535k claims were forecasted for today’s report.
ISM PMI fell from 52.9% to 52.6% in September. This is a signal of stagnation for the U.S. manufacturing industry, but while it’s still above 50% it’s a good signal overall. Traders expected a gain to 54.0% from this report.
Pending home sales index rose by 6.4% in August, following 3.2% gain in July. The market analysts predicted a growth by 1%. At 103.8 pending home sales index is now above the average level of 2001.
Construction spending in U.S. rose by 0.8% in August compared to July. This growth followed 1.1% drop in July. Forecasted change was at -0.1%.
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