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EUR/USD Backs Off After Rallying Intraday

November 6, 2019 by

EUR/USD rose intraday but has backed off by now as markets were choppy today, having trouble to find direction.

Nonfarm productivity fell 0.3% in Q3 2019 after rising 2.3% in Q2. That is instead of rising by 1.0% as analysts predicted. (Event A on the chart.)

US crude oil inventories climbed by 7.9 million barrels last week, much more than analysts had predicted — 1.9 million, and were above the five-year average for this time of year. The stockpiles rose by 5.7 million barrels the week before. At the same time, total motor gasoline inventories dropped by 2.8 million barrels and were below the five-year average. (Event B on the chart.)

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