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EUR/USD Little Changed After Mixed US Data

August 31, 2016 (Last updated on September 21, 2016) by

EUR/USD was trading mostly sideways today. US economic reports did not help the currency pair to find direction as solid employment and the strong housing market contrasted with the worse-than-expected Chicago Business Barometer.

ADP employment rose by 177k in August, a bit more than analysts had expected (174k) but less than the July’s revised increase of 194k (179k before the revision). (Event A on the chart.)

Chicago PMI fell to 51.5 in August from 55.8 in July. Experts had predicted a smaller drop to 54.1. (Event B on the chart.)

Pending home sales edged up by 1.3% in July, exceeding the consensus forecast of 0.7%. The June’s reading received a negative revision from +0.2% to -0.8%. (Event C on the chart.)

Crude oil inventories expanded by 2.3 million barrels last week, about two times the forecast value of 1.1 million. The stockpiles swelled by 2.5 million barrels the week before. Total motor gasoline inventories shrank by 0.7 million barrels but remained well above the upper limit of the average range. (Event D on the chart.)

EUR/USD as of 2016-08-31

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