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EUR/USD Jumps on ECB, US Jobless Claims

September 7, 2017 by

EUR/USD rallied today after Mario Draghi, President of the European Central Bank, signaled at the press conference after the monetary policy meeting that quantitative easing tapering will be discussed in October. (Event A on the chart.) Meanwhile, jobless claims in the United States jumped to the highest level since March 2015 as a result of Hurricane Harvey.

Initial jobless claims jumped from 236k to 298k last week, far above the predicted level of 245k. (Event A on the chart.)

Nonfarm productivity rose by 1.5% in Q2 2017. That is compared to 1.3% predicted by analysts and the 0.9% increase registered in the previous three months. (Event A on the chart.)

US crude oil inventories increased by 4.6 million barrels last week, a bit more than 4.1 million predicted by experts, and were in the upper half of the average range for this time of year. Total motor gasoline inventories decreased by 3.2 million barrels but remained near the upper limit of the average range. (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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