EUR/USD gained today, erasing yesterday’s losses. Traders are discussing whether the Federal Reserve will hike interest rates next week. Chances for that look low, and that is likely the reason for the current weakness of the US dollar.
Import prices declined 0.2% in August after rising 0.1% in July. The median forecast promised a bit smaller drop by 0.1%. Export prices dipped 0.8% following the 0.2% increase in the previous month. (Event A on the chart.)
Crude oil inventories dropped 0.6 million barrels last week instead of rising 2.8 million as was predicted by analysts. Still, stockpiles remained near record levels for this time of year. Total motor gasoline inventories rose 0.6 million barrels. (Event B on the chart.)
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