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EUR/USD Goes Lower After US Employment Data

July 7, 2016 by

EUR/USD went lower today after the release of jobless claims and ADP employment data. Both reports were good, making market participants optimistic ahead of tomorrow’s nonfarm payrolls.

ADP employment rose by 172k in June after growing by 168k in May. Experts had predicted slowdown to 158k. (Event A on the chart.)

Initial jobless claims dropped to 254k last week from the previous week’s revised level of 270k. Analysts were counting on the indicator to stay almost the same at 269k. (Event B on the chart.)

Crude oil inventories dropped by 2.2 million barrels last week, in line with expectations, but remained near the historically high levels for this time of year. The stockpiles were down 4.1 million the week before. Total motor gasoline inventories were down just marginally by 0.1 million barrels. (Event C on the chart.)

EU/RUSD as of 2016-07-07

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