EUR/USD Climbs as ECB Ready to Act

EUR/USD climbed today after European Central Bank President Mario Draghi said that central bank’s policy makers “monitor all developments closely” and “stand ready to act”. (Event B on the chart.)The ECB left its main interest rate unchanged at 1.0% today. (Event A on the chart.)
Nonfarm productivity fell 0.9% in the first quarter of 2012, according to the revised report, more than the analysts’ forecast (0.6%) and the preliminary estimate (0.5%). The decline in Q4 2011 was 1.2%. (Event B on the chart.)
Crude oil inventories decreased by 0.1 million barrels last week and are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 3.3 million barrels and are in the lower limit of the average range. (Event C on the chart.)

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