The dollar gained on the euro on Wednesday, but the outlook for the greenback remained uncertain amid political upheaval in the United States. US macroeconomic data released over the trading session was mixed, but traders paid more attention to the good part of it.
PPI rose 0.2% in February. That is compared to the predicted increase by 0.1% and the January gain by 0.4%. (Event A on the chart.)
Retail sales fell 0.1% in February, the same as the revised January reading (which showed a drop by 0.3% before the revision). Analysts were completely wrong with their predictions of an increase by 0.3%. (Event A on the chart.)
Business inventories rose 0.6% in January from the previous month, exactly the same as in December (revised from a 0.4% increase) and matching forecasts. (Event B on the chart.)
US crude oil inventories rose by 5.0 million barrels last week, about two times the forecast increase by 2.2 million and the previous week’s 2.4 million, but remained in the lower half of the average range for this time of year. At the same time, total motor gasoline inventories dropped by 6.3 million barrels but stayed in the upper half of the average range. (Event C on the chart.)
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