Home / Forex & Currency Exchange News / EUR/USD Continues Move Down as Traders Wait for Tax Overhaul

EUR/USD Continues Move Down as Traders Wait for Tax Overhaul

EUR/USD continued its move down today as traders were waiting for US politicians to proceed with the tax reform. Analysts also said that the rally was a result of US companies wanting to repatriate cash parked overseas before the year-end. As for US economic data, the ADP employment report came within expectations, and traders wait for Friday’s nonfarm payrolls.

ADP employment rose by 190k in November, in line with market expectations. The indicator was up by 235k in October. (Event A on the chart.)

Nonfarm productivity rose by 3.0% in Q3 2017, the same as in the previous quarter and less than analysts had predicted — 3.3%. (Event B on the chart.)

Crude oil inventories shrank by 5.6 million barrels last week, much more than analysts had predicted (3.2 million) and compared to the previous week’s decline by 3.4 million. Still, the reserves remained in the upper half of the average range for this time of year. At the same time, total motor gasoline inventories climbed by 6.8 million barrels and were in the middle of the average range. (Event C on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Posted on Forex blog. Click Here For Original Source Of The Article

About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

Check Also

10-Year Note Speculators sharply cut their bearish bets this week

10-Year Note Speculators sharply cut their bearish bets this week

By CountingPips.com – Receive our weekly COT Reports by Email 10-Year Note Non-Commercial Speculator Positions: Large bond speculators sharply reduced their bearish net positions in the 10-Year Note futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts […]

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php