EUR/USD fell intraday but started a rebound after US producer prices demonstrated an unexpected drop last month. Now, the currency pair trades slightly above the opening level.
PPI fell 0.1% in August. That is compared to no change in July and the predicted increase by 0.2%. (Event A on the chart.)
US crude oil inventories dropped by 5.3 million barrels last week and were below the five-year average for this time of year. Analysts had predicted a much smaller decrease by 1.3 million barrels. The stockpiles shrank by 4.3 million barrels the week before. Total motor gasoline inventories increased by 1.3 million barrels and were 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.
