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EUR/USD Gains Despite Falling US Jobless Claims

November 12, 2020 by

EUR/USD gained today, paying little attention to macroeconomic data, including US jobless claims, which fell more than was expected.

Both CPI and core CPI were unchanged in October after rising by 0.2% in September. Experts had predicted an increase of 0.1% for headline inflation and 0.2% for underline inflation. (Event A on the chart.)

Initial jobless claims were at 709k last week, seasonally adjusted, down from the previous week’s revised level of 757k (751k before the revision). The median forecast had promised a smaller decrease to 730k. (Event A on the chart.)

US crude oil inventories rose by 4.3 million barrels last week, staying above the five-year average for this time of year, instead of falling by 2.0 million barrels as experts had forecast. The stockpiles dropped by 8.0 million barrels the week before. Total motor gasoline inventories fell by 2.3 million barrels but were also above the five-year average. (Event B on the chart.)

Treasury budget deficit was at $284.1 billion in October, up from $124.6 billion in September, exceeding the median forecast of a $274.0 billion deficit. (Event C on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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