EUR/USD was falling yesterday (though trimmed its losses by the end of the trading day) on speculations about additional monetary stimulus in Europe and signs that the European economy is struggling. European Central Bank President Mario Draghi said today that the current economic conditions do not warrant implementing more accommodative policy but policy makers are ready to stimulate the economy in case that would become necessary. The current trading session is poor in terms of economic news from the United States, but the report about durable goods orders was very positive and added strength to the US currency.
Durable goods orders rose 2.2% in February, two times the forecast value of 1.1%. The January change was revised from -1.0% to -1.3%. (Event A on the chart.)
US crude oil inventories increased by 6.6 million barrels last week and are near the upper limit of the average range for this time of year. It was bigger increase that the forecast 2.9 million and the previous week’s growth of 5.9 million. Total motor gasoline inventories decreased by 5.1 million barrels and are in the lower of the average range. (Event B on the chart.)
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