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EUR/USD Up After Yesterday’s Losses

April 3, 2013 by

EUR/USD rose today, erasing yesterday’s losses. The data from the United States was disappointing as reports missed forecasts, except for factory orders that were in line with expectations.

ADP employment grew by 158k jobs in March, missing the expectations of 203k. The positive part of the report was the upward revision of the February growth from 198k to 237k. (Event A on the chart.)

ISM services PMI was at 54.4% in March. Not only it was below the February value of 56.0, but also failed to meet the expectations of 55.9. (Event B on the chart.)

Crude oil inventories increased by 2.7 million barrels (more than the forecast of 1.8 million, but less than in the previous week — 3.3 million) and total motor gasoline inventories decreased by 0.6 million barrels last week. (Event C on the chart.)

Yesterday, a report on factory orders was released, showing the 3.0% increase in February (matching forecasts) that followed the 1.0% drop in January. (Not shown on the chart.)

EUR/USD for 2013-04-03

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