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EUR/USD Plunges to New Low

March 11, 2015 by

EUR/USD tumbled to trade near the lowest level since March 2003 during the current session as speculations about a potential interest rate hike from the Federal Reserve continue to drive the dollar higher against its rivals. EUR/USD has declined 2.9% so far this week.

Crude oil inventories increased by 4.5 million barrels last week, matching expectations exactly and reaching a new record. Total motor gasoline inventories decreased by 0.2 million barrels, but are well above the upper limit of the average range. (Event A on the chart.)

Yesterday, a report on wholesale sales was released, showing a 0.3% increase in January. Forecasters promised no change as in December. (Not shown on the chart.)

EUR/USD for 2015-03-11

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