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EUR/USD Continues to Rise After US Stimulus Package

March 25, 2020 by

EUR/USD continued to rise for the fourth consecutive session today. The market sentiment improved after the US Senate approved a $2 trillion stimulus package. Meanwhile, US macroeconomic data continued to provide positive surprises, with durable goods orders rising instead of falling.

Durable goods orders rose by 1.2% in February instead of dropping by 1.0% as analysts had predicted. The previous month’s reading got a positive revision from a drop of 0.2% to an increase of 0.1%. (Event A on the chart.)

US crude oil inventories rose by 1.6 million barrels last week versus the expected increase of 2.9 million barrels. The stockpiles remained below the five-year average for this time of year. The week before, the reserves increased by 2.0 million barrels. Total motor gasoline inventories decreased by 1.5 million barrels and were at the five-year average. (Event B on the chart.)

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