EUR/USD Drops on Quiet Thursday

EUR/USD was falling during quiet trading today. The market lacked any major theme to drive currencies. Nevertheless, the currency pair was falling since the European session and continued to decline following the release of rather positive US data.

Philadelphia Fed manufacturing index rose from 22.3 in March to 23.2 in April. That was a positive surprise considering that forecasters had promised a drop to 20.8. (Event A on the chart.)

Initial jobless claims were at the seasonally adjusted rate of 233k last week, almost unchanged from the previous week’s 233k. Analysts had pointed at 230k as a projected value. (Event A on the chart.)

Leading indicators rose 0.3% in March, matching expectations exactly, following the 0.7% increase in February. (Event B on the chart.)

Yesterday, a report on crude oil inventories was released, showing a drop by 1.1 million barrels last week, which was about two times the forecast decline of 0.5 million. The stockpiles grew by 3.3 million the week before. Total motor gasoline inventories dropped by 3.0 million barrels. (Not shown on the chart.)

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