EUR/USD declined today, falling for the fourth session in five. Some market analysts explained the gains of the dollar against the euro by rising Treasury yields, while others pointed at the pessimistic outlook for the eurozone economy as the reason for the decline of the currency pair.
Both import and export prices fell in December. Import prices declined 1.0% following the 1.9% drop in November. Analysts had expected a bigger decrease by 1.3%. Export prices fell 0.6% following the 0.8% drop in the previous month. (Event A on the chart.)
US crude oil inventories dropped by 2.7 million barrels last week, about two times more than analysts had predicted — 1.4 million barrels. Nevertheless, the inventories remained above the five-year average for this time of year. Last week, the stockpiles decreased by 1.7 million barrels. Total motor gasoline inventories swelled by 7.5 million barrels and were also above the five-year average. (Event B on the chart.)
If you have any comments on the recent EUR/USD action, please reply using the form below.
