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Poor Fundamentals Do Not Prevent Rally of EUR/USD

March 12, 2014 by

There are not many economic reports from the United States this week. As for European data, it was not particularly good but it did not prevent today’s rally of EUR/USD.

Crude oil inventories increased by 6.2 million barrels last week and are in the upper half of the average range for this time of year. The actual increase exceeded the expected 2.1 million and the last week’s 1.4 million. Total motor gasoline inventories decreased by 5.2 million barrels but are near the upper limit of the average range. (Event A on the chart.)

Yesteday, a report on wholesale inventories was released, showing growth by 0.6% in January, more than was expected (0.5%) and above the December increase (0.4%). (Not shown on the chart.)

EUR/USD-2014-03-12

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