EUR/USD at 1.1194. US consumer spending grew 1%.

EUR/USD slightly increased today. As of 5:00 PM EDT the currency pair was trading at 1.1194, which is 0.27% higher than the previous close.

US shares remained almost unchanged today. Below is presented the performance of major indices:

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  • DJIA closed at 17,535.39, up 0.11%.
  • Nasdaq Composite slightly declined, finishing at 4,766.79.
  • S&P 500 closed at 2,037.05, just 0.05% higher than the previous close.

According to the report from the Commerce Department, the US consumer spending slightly increased last month, which can lead Fed to stay cautious concerning interest rate hikes this year. “It speaks to the weakening in domestic economic momentum at the start of this year, further reinforcing the Fed’s cautious monetary policy bias,” said Millan Mulraine from TD Securities.

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Consumer spending rose 0.1% in February, meeting the analysts’ expectations. Personal income increased 0.2% in February compared with 0.5% growth in January.

The core PCE price index rose 1.7% in 12 months through February, following the same growth rate in January.

“While the data from January and February may overstate any underlying firming, we do think that the trend in core inflation is picking up,” said Daniel Silver from JPMorgan.

The National Association of Realtors announced today that the pending home sales index grew 3.5% to 109.1 last month, representing the highest figure in seven months. January’s index was revised to 3% decline, which was lower than the initially reported -2.5% figure.

Oil prices slightly declined today. The WTI Crude closed at 39.30 USD/bbl, which is 0.41% lower than the previous close. Brent Crude was trading at 40.21 USD/bbl (-0.57%) as of 5:03 PM EDT.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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