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EUR/USD Rises a Bit Despite Falling US Jobless Claims

January 9, 2020 by

EUR/USD rose a bit today even though US unemployment claims fell more than was expected. Waning fears over the US-Iranian conflict lowered demand among investors for safer currencies, and that can explain why the greenback was a little soft.

Initial jobless claims dropped to a seasonally adjusted level of 214k last week from the previous week’s 223k. The median forecast was promising just a mild decline to 221k. (Event A on the chart.)

Yesterday, several reports were released (not shown on the chart):

ADP employment climbed by 202k in December from November, exceeding the median forecast of 160k. The previous month’s increase got a positive revision from an extremely low figure of 67k to more reasonable 124k.

US crude oil inventories rose by 1.2 million barrels last week and were at the five-year average for this time of year. That instead of a drop by 3.4 million barrels predicted by analysts. The stockpiles dropped by as much as 11.5 million barrels the week before. Total motor gasoline inventories swelled by 9.1 million barrels and were above the five-year average.

Consumer credit rose by $12.5 billion in November from October, missing the analysts’ consensus estimate of $15.5 billion. The indicator rose by $18.9 billion in the preceding month.

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

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