EURUSD Still Looking For a Stimulus After Benign Data
USD – Price, Chart and Technical Analysis
- EURUSD trades just under 1.1700 and looks capped at 1.17336 in the short-term.
- Personal consumption unchanged while income nudges a fraction lower.
USD Needs Something to Prompt the Next Move
EURUSD traded sideways after the latest look at US personal spending and prices paid gave no fresh clues on the state of the US economy. Earlier this week the second look at US Q2 GDP had given dollar bulls hope with a higher-than-expected reading of 4.2% against 4.1% for the previous quarter.
US PCE Core (YoY) rose by 2.0% matching market expectations of 2.0% and a prior month’s reading of 1.9%, while US Personal Income for July rose by 0.3% versus expectations and a prior reading of 0.4%.
US Retail Sales Advance (MoM) – released on August 15 – beat expectations (0.1%) by printing at 0.5% against a prior month’s reading of 0.2%, fuelling thoughts that consumer spending would remain robust, although proved unfounded.
Traders attention will now turn to Friday’s Chicago PMI and U. of Mich Sentiment.
EURUSD One Minute Price Chart (August 30, 2018)
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--- Written by Nick Cawley, Analyst
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.