EUR/USD surged during Wednesday’s late trading after US President Donald Trump said that the dollar is too strong. Today’s economic data from the United States was not particularly impressive, giving no support to the greenback.
US import prices fell by 0.2% in March (close to the forecasts of a 0.3% drop) while export prices increased by the same rate. Import prices were up 0.4% in February (revised from 0.2%) while export prices advanced 0.3%. (Event A on the chart.)
Crude oil inventories slumped by 2.2 million barrels last week, far more than analysts had predicted (0.7 million), but were near the upper limit of the average range for this time of year. The stockpiles advanced by 1.6 million the week before. Total motor gasoline inventories shrank by as much as 3.0 million barrels last week but were in the upper half of the average range. (Event B on the chart.)
Treasury budget deficit shrank from $192.0 billion in February to $176.2 billion in March, though the decrease was not as big as analysts had promised, predicting a shortage of $150.0 billion. (Event C on the chart.)
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