The Greenback strengthened against its European counterpart following the release of the US crude oil inventories report for the week ended 23 February. The EUR/USD exchange rate fell just seven base points, or 0.05%, to the 1.2190 level and continued to fluctuate in the 1.2200 area.
The Energy Information Administration stated that crude oil inventories rose three million barrels, which is 0.6 million barrels more than expected in the reported week, following a drop in domestic crude oil inventories as of the week before. The US Dollar keeps gaining strength after various generally positive reports including Powell’s testimony that will most probably play its role for a few more weeks.
