EUR/USD Rises, Struggles to Keep Gains

EUR/USD rose today but struggled to keep gains. US macroeconomic data released over the trading session seems to have a limited impact on the moves of the currency pair.

ADP employment rose by 517k in March, missing the median forecast of 552k. The previous month’s increase got a positive revision from 117k to 176k. (Event A on the chart.)

Chicago PMI climbed to 66.3 in March from 59.5 in February. The actual value was not only significantly above the consensus forecast of 61.2 but also the highest since July 2018. (Event B on the chart.)

Pending home sales sank by 10.6% in February, much more than experts had predicted — 3.1%. The previous month’s decrease got a revision from 2.8% to 2.4%. (Event C on the chart.)

US crude oil inventories fell by 0.9 million barrels last week, more than experts had forecast — 1.3 million barrels, but remained about 6% above the five-year average for this time of year. The stockpiles increased by 1.9 million barrels the week before. Total motor gasoline inventories dropped by 1.7 million barrels but were about 4% above the five-year average. (Event D on the chart.)

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