EU Loan Package Boosts EUR/USD
EUR/USD rose today after two days of decline. The unprecedented €750 billion ($960 billion) loan package of the EU fueled some optimism for the common European currency, though concerns and doubts about the EU economy remain. The U.S. economy in the same time also showed good results as the trade deficit signaled that the country continues to import more than it exports, adding to the signs of the economic recovery. EUR/USD trades currently near 1.2679.
U.S. trade balance posted a deficit of $40.4, which is worse than was predicted ($40.0) and compared to February figure of $39.4.
Crude oil inventories rose by 1.9 million barrels from the previous week. Total motor gasoline inventories showed decline by 2.8 million barrels last week and are above the upper limit of the average range.
According to the yesterday’s report wholesale inventories increased 0.4% in March. That’s less than February increase of 0.6% and less than was forecasted 0.5%.