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EUR/USD Volatile, Has Potential for Rally

March 5, 2014 by

EUR/USD was volatile during the last several hours and trades near the opening level as of now. The currency pair may yet rally as economic reports from Europe were good for the most part, while US data disappointed yet again, following the release of positive reports on Monday.

ADP employment grew by 139k in February, missing the analysts’ estimate of 159k. Moreover, the January figure received a major downward revision from 175k to 127k. (Event A on the chart.)

ISM services PMI dropped from 54.0% to 51.6% in February, while experts anticipated just a small decrease to 53.8%. (Event B on the chart.)

US crude oil inventories increased by 1.4 million barrels last week and are in the middle of the average range for this time of year. The reading was higher than the forecast 0.9 million and the previous week’s 0.1 million. Total motor gasoline inventories decreased by 1.6 million barrels but are above the upper half of the average range. (Event C on the chart.)

EUR/USD-2014-03-05

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