Business Inventories m/m comes in at 0% against 0.4% consensus
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
| USDJPY | — | — |
USD Business Inventories m/m came in at 0% for July, according to data released today. This figure was below the consensus forecast of 0.4% and also lower than the previous month’s reading of 0.3%. The actual print represented a -100.0% surprise compared to the market consensus.
Following the release, initial market reactions were observed across major pairs. AUDUSD moved -0.6 pips 15 minutes after the release, while EURUSD saw a -0.1 pip change. GBPUSD registered a -0.5 pip move, and NZDUSD was up +0.3 pips. USDCAD moved +5.4 pips, USDCHF was up +3.5 pips, and USDJPY gained +8.6 pips. Gold, XAUUSD, saw a move of +48 pips 15 minutes after the data. For most pairs, these measured moves are small relative to their typical 1-hour median moves, which range from 7 to 13 pips. XAUUSD’s +48 pip move is above its median 1-hour move of 31 pips, but below its top-quarter threshold of 63+ pips.