US March personal income rose 0.4% while spending increased 0.1%. The 0.1% increase in February income was revised to up 0.2%, while the 0.1% spending rise in January was upped to 0.2%. Income has been up for 12 straight month, and spending has increased 14 consecutive months. The headline chain price index rose 0.1% versus the 0.1% decline in February, and is up 0.8% y/y. The core rate increased 0.1% versus 0.2% previously. Disposable income rose 0.4% versus up 0.1% in February, while the savings rate increased to 5.4% vs 5.1% previously.
EURUSD has been trading higher and is nearing the April highs at 1.1465. This area coincides with the upper Bollinger bands while the up move has lifted the Stochastics almost to overbought territory. Since November 2015 this area has been too much for the Euro bulls and moves into this area have been unsustainable. It remains to be seen what the market reactions will be on this time. Only then we can tell if it’s likely that the markets will take to EURUSD down again. The nearest daily resistance levels are at 1.1465 and 1.1495 while the nearest daily support levels are at 1.1218 and 1.1143.
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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