EUR/USD Climbs as Traders Flock to Yen

EUR/USD rose today even as concerns about China’s economic growth made Forex market participants seek safe currencies. Speculators were flocking to the Japanese yen, making the US dollar underperform.
Сrude oil inventories increased by 1.5 million barrels and are above the upper limit of the average range for this time of year. This is compared to the predicted decline of 2.6 million and the previous week’s drop by 3.7 million. Total motor gasoline inventories increased by 8.2 million barrels last week, and are in the middle of the average range. (Event A on the chart.)
Treasury budget deficit narrowed from $121.71 billion in October to $56.8 billion in November. The median forecast promised a bigger shortage of $68.3 billion. (Event B on the chart.)
Yesterday, a report on wholesale inventories was released, showing an increase by 0.4% in October on a seasonally adjusted basis, the same rate as in the preceding month. Analysts predicted an increase by 0.1%. (Not shown on the chart.)

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