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EUR/USD Shows Muted Reaction to US Data

EUR/USD was moving up and down during the current session, paying seemingly little heed to economic data, even though there were plenty of important reports released in the United States today. Both euro and the dollar had their own negative factors weighing on them. In Europe, the political crisis in Spain after the Catalan independence referendum was hurting the shared European currency, while the greenback suffered from uncertainty over the change of leadership of the Federal Reserve and the threat that Fed’s new head may be dovish.

ADP employment rose by 135k in September, in line with market expectations of 131k and down from the previous month’s revised reading of 228k (237k before the revision). (Event A on the chart.)

Markit services PMI dropped from 56.0 in August to 55.3 in September according the final reading. Analysts expected the same 55.1 value as in the preliminary estimate. (Event B on the chart.)

ISM manufacturing PMI climbed from 55.3% in August to 59.8% in September, far above the consensus forecast of 55.5%. (Event C on the chart.)

Crude oil inventories sank by 6.0 million barrels last week, though the stockpiles remained near the upper level for this time of year. That is compared to the predicted mild drop by 0.5 million and the previous week’s decline of 1.8 million. Total motor gasoline inventories increased by 1.6 million barrels and were in the upper half of the average range. (Event D on the chart.)

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

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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.

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