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EUR/USD Rallies Ahead of US-China Trade Deal

January 15, 2020 by

EUR/USD rose today as markets were waiting for official signing of the US-China phase-one trade deal. US macroeconomic data was mixed, with both positive and negative indicators.

PPI rose by 0.1% in December, missing market expectations of a 0.2% increase. The index was unchanged in November. (Event A on the chart.)

NY Empire State Index rose to 4.8 in January from 3.5 in December, whereas markets were expecting just a negligible increase to 3.7. (Event A on the chart.)

US crude oil inventories shrank by 2.5 million barrels last week versus the forecast increase of 0.4 million barrels and were at the five-year average for this time of year. The stockpiles grew by 1.2 million barrels the week before. Total motor gasoline inventories climbed by 6.7 million barrels and were above the five-year average. (Event B on the chart.)

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

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