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EUR/USD Rallies for Second Day Following Donald Trump’s Press Conference

January 12, 2017 (Last updated on January 13, 2017) by

EUR/USD rose today, though trimmed its gains by now. It was the second day of gains after US president-elect Donald Trump spoke at the press conference on Wednesday. Markets were disappointed by the fact that he did not address his planned fiscal policies. As for US economic data, it was mixed.

Initial jobless claims went up from 237k to 247k last week, though the increase was not as big as the one predicted by experts (to 266k). (Event A on the chart.)

Import prices rose 0.4% in December, two times less than the analysts’ median projection of 0.8% growth. Still, that was a better reading the the 0.2% drop registered in November. Export prices rose 0.3% following the 0.1% the month before. (Event A on the chart.)

Treasury budget deficit was at $27.5 billion in December, down from $136.7 billion in November. The average forecast promised a bit smaller shortage of $21.0 billion. (Event B on the chart.)

Yesterday, a report on crude oil inventories was released, demonstrating an increase of 4.1 million barrels last week. That is compared to the forecast increase by 0.9 million and the previous week’s slump by 7.1 million. Total motor gasoline inventories were up by 5.0 million barrels last week. (Not shown on the chart.)

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