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EUR/USD Grows after 3 Days of Decline and Bad Macroeconomic Reports from U.S.

March 4, 2009 by

EUR/USD rose today for the first time in the last four days. All three important macroeconomic reports that were released today in the United States showed that the world’s biggest economy is still quite far from leaving the global financial crisis behind. EUR/USD is trading near 1.2606 now.

ADP employment report for February showed a decrease by 679k jobs in that month, following 522k drop in January. The forecast was at 630k.

ISM services index declined slightly from 42.9% to 41.6% in February — still a bit above the average estimate of 41%.

Crude oil inventories fell in U.S. again last week — this time by 0.7 million barrels, but nevertheless they are still above the upper limit of the average range for this time of year.

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