Struggling U.S. Economic Recovery Pushes Up EUR/USD

EUR/USD currency pair went up today, after experiencing some volatility, on speculation that European Union’s leaders will take measures to protect the region’s currency and after the U.S. economy showed signs of the struggling recovery. The increasing number of foreclosures and higher unemployment in the U.S. cause worries that the recovery pace won’t be sustained. EUR/USD trades currently at 1.2351.

Consumer Price Index (CPI) declined 0.1% in April, while it increased 0.1% in the previous month and was expected to grow 0.2% this month.

Crude oil inventories increased by 0.2 million barrels from the previous week. Total motor gasoline inventories decreased by 0.3 million barrels last week, and are above the upper limit of the average range.