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EUR/USD Recovers After ADP Employment Misses Expectations

December 2, 2020 by

EUR/USD fell intraday but started a recovery ahead of the employment report from Automatic Data Processing. The currency pair continued to move further up after the data missed forecasts. Hopes for fiscal stimulus in the United States were also helping the EUR/USD pair.

ADP employment rose by 304k in November from October, trailing analysts’ prediction of a 433k increase. The previous month’s gain got a significant positive revision from 365k to 404k. (Event A on the chart.)

US crude oil inventories shrank by 0.7 million barrels last week but remained above the five-year average for this time of year. Analysts had predicted a bigger decrease of 1.7 million barrels. The stockpiles fell by 0.8 million barrels the week before. Total motor gasoline inventories swelled by 3.5 million barrels and were also 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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