EUR/USD tested its new maximum level since February 9 and then retraced below the daily open level on bad PPI report and mixed oil inventories reports. The maximum has been set before the reports were released and declined before and after the release. The currency pair is now trading near 1.3756.
PPI declined by 0.6% in February after going up by 1.4% in January. The median forecast for this index was -0.2%.
Crude oil inventories increased by 1.0 million barrels during last week, following 1.4 million barrels gain a week earlier. Total motor gasoline inventories went down by 1.7 million barrel, following 2.9 million barrel drop during a previous week. The growth of oil inventories with the falling gasoline inventories signify the low capacity utilization at the U.S. refinery plants.
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