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EUR/USD Climbs on Good Data from Germany

May 8, 2013

EUR/USD climbed today after the report showed that German industrial production unexpectedly expanded 1.2 percent in March. (Event A on the chart.) This week is poor on economic data from the United States, but a report on consumer credit was released yesterday, showing that growth of credit was below expectation.

Crude oil inventories increased by 0.2 million barrels last week (compared to the forecast 2.1 million and the previous week’s 6.7 million) and are well above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 0.9 million barrels and are in the middle of the average range. (Event B on the chart.)

Yesterday, a report on consumer credit was released, showing an increase of $8.0 billion in March from February, when growth was at $18.6 billion. The predicted increase was at $16.2 billion. (Not shown on the chart.)

EUR/USD for 2013-05-08

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