EUR/USD Fluctuates Ahead of EU Summit

EUR/USD fluctuated today as traders were unsure about the future of the euro that may be decided on the European Union summit this Friday. The hopes for the positive outcome of the summit were trimmed by the warning that Standard & Poor’s may reduce the credit ratings of 15 EU members.
US crude oil inventories increased by 1.3 million barrels and total motor gasoline inventories increased by 5.1 million barrels last week. Both are in the upper limit of the average range. (Event A on the chart.)
Consumer credit rose by $7.6 billion in October from September, while the median forecast was $7.0 billion. The September change was revised downwardly from $7.4 billion to $6.9 billion. (Event B on the chart.)


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