Today’s trading was slow and volumes low due to Good Friday observed in many parts of the world. The holiday did not prevent release of several important economic reports today, including US CPI and retail sales. They turned out to be surprisingly poor, sending EUR/USD higher, though the rally was small due to holiday trading, and the currency pair has trimmed its gains by now.
CPI dropped 0.3% in March after rising 0.1% in February. Forecasts missed the mark, promising no change. (Event A on the chart.)
Retail sales fell 0.2% in March after decreasing 0.3% in the previous month. Forecasters were wrong in this instance as well with their predictions of an increase by 0.1%. (Event A on the chart.)
Business inventories were up 0.3% in February, the same as in January and exactly as analysts had predicted. (Event B on the chart.)
If you have any comments on the recent EUR/USD action, please reply using the form below.