Forexpros – U.S. business inventories rose more-than-expected in February, official data showed on Monday.
In a report, the U.S. Census Bureau said that wholesale inventories rose by 0.8% in February, above expectations for a 0.6% gain.
Business inventories for January were revised up to a 0.8% increase from a previously reported 0.7% gain.
Year-on-year, business inventories rose at an annualized rate of 7.6% in February, after climbing at a rate of 7.6% in January.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.33% to trade at 1.3034.
Meanwhile, U.S. equity markets were mixed after the open. The Dow Jones Industrial Average rose 0.7%, the S&P 500 index eased up 0.1%, while the Nasdaq Composite index tumbled 1%.
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