Though consumer confidence rose to a 5-year-high, consumer spending declined 0.2%. The reading of -0.2% is the first negative reading this year. Economist’s expectations of a 0.2% were far-from-met.
“We may see a more modest profile for consumer spending this quarter but it should continue to expand,” Jonathan Basile, an economist at Credit Suisse said before the report. “Households have gained more purchasing power through low inflation.” (Bloomberg)
Personal income stagnated in the U.S. as well. According to the U.S. Department of Commerce Bureau of Economic Analysis, personal income decreased $5.6 billion. Such a large number is still less than 0.1% and therefore, is showing up as a 0% gain.
The EURUSD had a very bullish day yesterday, but couldn’t stay above the 1.305.
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