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EUR/USD Turns Down as US Employment Grows

April 2, 2014 by

EUR/USD turned down today, following the three-day rally, as US employment growth accelerated last month. The report was nonofficial and it has not been tracking official nonfarm payrolls closely in the recent times, but the data is still positive for the dollar. Factory orders also showed robust growth.

ADP employment grew by 191k in March, in line with analysts’ expectations. The February growth was revised positively from 139k to 178k. (Event A on the chart.)

Factory orders increased by 1.6% in February, exceeding the median forecast of 1.3%. At the same time, the January change was revised negatively from -0.7% to -1.0%. (Event B on the chart.)

US crude oil inventories decreased by 2.4 million barrels last week and are in the upper half of the average range for this time of year. Stockpiles grew 6.6 million last week and analyst have expected an increase by 1.3 million this week. Total motor gasoline inventories decreased by 1.6 million barrels and are below the lower limit of the average range. (Event C on the chart.)

EUR/USD-2014-04-02

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