EUR/USD Rallies as Germany Approves Bailout for Greece

EUR/USD rallied today as German lawmakers approved the latest round of the rescue package for Greece. The news supported this week’s trend of improving outlook for Europe. The US data, on the other hand, was not particularly encouraging.
Personal income and spending stalled in October. Income was unchanged, while traders have expected 0.2% growth. Spending fell 0.2%, compared to expectations of 0.1% increase. The September figures were 0.4% and 0.8% respectively. (Event A on the chart.)
Chicago PMI was at 50.4 in November, in line with forecasts of 50.7. That was a small increase from October’s 49.9. (Event B on the chart.)