EUR/USD sank today, reaching the lowest level in more than 11 years. The euro was under selling pressure after economic data from several European countries disappointed market participants. Meanwhile, US employment continued to grow at steady pace and the services sector expanded faster than was expected.
ADP employment grew by 212k jobs in February from the previous month, missing the forecast of 219k slightly. The already impressive January growth by 213k got a massive revision to 250k. (Event A on the chart.)
ISM services PMI rose from 56.7% to 56.9% in February instead of falling to 56.5% as was predicted by analysts. (Event B on the chart.)
US crude oil inventories increase by 10.3 million barrels to yet another record last week. The increase was far bigger than the predicted 4.0 million and the previous week’s 8.4 million. Total motor gasoline inventories remained unchanged last week. (Event C on the chart.)
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