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EUR/USD Remains Strong

March 30, 2016 (Last updated on March 31, 2016) by

The dollar remained weak today after yesterday’s drop caused by comments from Janet Yellen. Today’s employment report showed decent growth but nothing spectacular, meaning that it could not provide substantial aid to the greenback. Currently, EUR/USD is moving down but remains above the opening level.

ADP employment demonstrated an increase by 200k in March which was a bit bigger than the predicted gain by 195k. On the flip side, the increase in February was revised from 214k down to 205k. (Event A on the chart.)

Crude oil inventories increased by 2.3 million barrels last week. While the increase was smaller than the predicted 3.1 million and the previous week’s huge gain of 9.4 million, it added to stockpiles that were already at the record level. Total motor gasoline inventories, on the other hand, decreased by 2.5 million barrels, though they remained well above the upper limit of the average range. (Event B on the chart.)

EUR/USD as of 2016-03-30

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