EUR/USD traded near its opening level, struggling to resume its rally after Standard & Poorâs downgraded Ireland’s credit rating. There was few economic data, but the employment change confirmed that the economic recovery in the US is underway. EUR/USD trades now at 1.3818.
The ADP employment report came out today, showing an increase by 187k jobs in January. While it was lower than December value of 247k (revised downwardly from 297k), the reading was much higher than the median forecast of 148k. (Event A on the chart.)
Crude oil inventories increased by 2.6 million barrels and total motor gasoline inventories increased by 6.2 million barrels last week. (Event B on the chart.)
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