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EUR/USD Continues to Rise Ahead of Year’s End

December 28, 2017 (Last updated on December 29, 2017) by

EUR/USD climbed today, maintaining its upward trend. US economic reports were mixed, but the good portion of the data barely slowed the rise of the currency pair.

Initial jobless claims were at the seasonally adjusted rate of 245k last week, unchanged from the previous week’s unrevised level. Experts had hoped for a small drop to 240k. (Event A on the chart.)

Chicago PMI climbed from 63.9 in November to 67.6 in December, ending the year at the highest level since March 2011. That was a compete opposite to analysts’ forecasts, which promised a decline to 62.2. (Event B on the chart.)

Crude oil inventories dropped by 4.6 million barrels last week, exceeding the median forecast of a drop by 3.9 million, but remained in the middle of the average range for this time of year. The stockpiles slumped by 6.5 million the week before. Total motor gasoline inventories rose by 0.6 million barrels and were above the upper limit of the average range. (Event C on the chart.)

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