U.S. consumers stepped up purchases | 29 May 2023

EURUSD trading plan:

U.S. consumer spending increased more than expected in April, boosting the economy's growth prospects for the second quarter, and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month. Consumers stepped up purchases of new light trucks and spent more on pharmaceutical products. Spending on goods rebounded 1.1% after two straight monthly declines. Services outlays increased 0.7%, lifted by gains in financial services and insurance, healthcare, recreation, and housing and utilities. Last month's surge in consumer spending tempered economists' expectations for a sharp slowdown this quarter. Though consumer spending accelerated at its fastest pace in nearly two years in the first quarter, much of the growth was in January. Sluggishness in February and March set consumer spending on a slower growth trajectory heading into the second quarter.

Investment idea: range 1.0700 - 1.0790.