Euro/Dollar moving alternately

Tuesday, 2 August 2011 04:35

United States Consumer Spending dropped lower than expected in the month of June, reportedly released at a decreased 0.2%.  This is the first drop in almost two years.

After a survey done by economists, it was estimated that Personal Spending would be increased by 0.2%.  Previous reports on Consumer Spending indicated a gain of 0.1%. 

Personal Consumption Expenditure were released at 0.1%, lower than the 0.2% forecasted.

EUR/USD had mixed feelings today as the pair was trading between the points of 1.4150 to 1.4210, without a steady pace of upwards of downwards.

The U.S awaits the critial vote on the debt deal; most seem positive that the debt deal will pass with enough votes.  The Euro surged to strength a little after the U.S release of Consumer Spending, breaking its 1.4211 barrier to reach 1.4225 and back down to 1.4111.