Home / Forex & Currency Exchange News / EUR/USD Trading Ignores US Macros

EUR/USD Trading Ignores US Macros

The euro fell against the US dollar somewhat during today’s trading session. Still, the currency pair seemed to be unmoved by the fundamental indicators that have been released in the USA today. Although they were mixed, some of them deviated from the forecast values quite significantly.

ADP employment rose by 235k jobs in February following 244k increase in January and well above the median forecast of 200k. (Event A on the chart.)

Nonfarm productivity was unchanged in the fourth quarter of 2017 according to the final report, which is slightly better than the preliminary reading of 0.1% decline. Still, it is nowhere near as good as 2.7% growth reported for the third quarter of the same year. (Event B on the chart.)

US trade balance logged a deficit of $56.6 billion in January, worse than the negatively revised December value of $53.9 billion and also worse than the median forecast of $55.0 billion. (Event B on the chart.)

Crude oil inventories increased by 2.4 million barrels during the week ending on March 2. The current growth follows 3.0 million barrels increase of the previous week. The market participants had expected the same 3.0 million barrels growth for this week too. Total motor gasoline inventories declined by 0.8 million barrels during the same period after rising by 2.5 million barrels earlier. (Event C on the chart.)

Consumer credit rose by $13.9 billion in January in the United States. The growth disappointed dollar bulls who expected an increase by $18.4 billion. However, December consumer credit growth was revised from $18.4 billion to $19.2 billion. (Event D on the chart.)

Yesterday, a report on factory orders has shown a drop by 1.4% in January following an increase by 1.8% in December. The orders declined in line with the average expectations. (Not shown on the chart.)

EUR/USD as of 2018-03-07

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

Chinese Yuan shows resilience, despite emerging markets pressured by trade concerns

Article by ForexTime Conflicting indications over the status of trade talks between the United States and China has contributed towards a subdued opening of the week for financial markets. Reports that President Donald Trump will most likely impose tariffs on $200 billion worth of Chinese goods have collided with other reports that Beijing was considering […]

Leave a Reply

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