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Positive Data Does Not Prevent Dollar from Rising

October 3, 2012 by

Today’s macroeconomic data from the United States was positive, yet that did not prevent the dollar from rising against the euro. Reports from Europe and China were not nearly as positive as US data, resulting in demand for the safety of the US currency.

ADP employment posted a seasonally adjusted increase of 162k in September from August, which was higher than the forecast of 145k. The August increase was revised from 201k down to 189k. (Event A on the chart.)

ISM services PMI was at 55.1% in September, a pleasant surprise as traders were expecting drop from 53.7% to 53.2%. (Event B on the chart.)

Crude oil inventories decreased by 0.5 million barrels last week and are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 0.1 million barrels and are in the lower half of the average range. (Event C on the chart.)

EUR/USD for 2012-10-03

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