EUR/USD Firm as Markets Prepare for ECB Meeting

EUR/USD was firm today ahead of tomorrow’s meeting of the European Central Bank. Analysts do not expect changes to interest rates, but think that the ECB may extend its quantitative easing beyond the March 2017 threshold.
US crude oil inventories dropped 2.4 million barrels last week, exceeding the analysts’ estimate of a 1.4 million drop and the previous week’s fall of 0.9 million. Still, the stockpiles remained at the upper limit of the average range for this time of year. At the same time, total motor gasoline inventories climbed by as much as 3.4 million barrels (Event A on the chart.)
Consumer credit rose by $16.0 billion in October, failing to meet market expectations of $17.5 billion. The September change was revised from $19.3 billion to $21.8 billion. (Event B on the chart.)

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