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EUR/USD Surges on ADP Employment Miss, Loses Gains Later

December 4, 2019 by

EUR/USD surged today following the unexpectedly poor US employment report from Automatic Data Processing. By now though, the currency pair has lost its gains and is trading below the opening level.

ADP employment rose by meager 67k in November, far less than analysts had predicted (137k) and than was registered in the previous month (121k). (Event A on the chart.)

Markit services PMI rose to 51.6 in November from 50.6 in October according to the final estimate. It was unchanged from the preliminary estimate and matched forecasts. (Event B on the chart.)

ISM services PMI fell to 53.9% in November from 54.7% in October, below the forecast level of 54.5%. (Event C on the chart.)

US crude oil inventories shrank by 4.9 million barrels last week, far more than analysts had predicted — 1.6 million barrels. Nevertheless, the reserves remained above the five-year average for this time of year. The stockpiles shrank by 1.6 million barrels the week before. Total motor gasoline inventories rose by 3.4 million barrels and were also above the five-year average. (Event D on the chart.)

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

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