EUR/USD declined today for the second day amid speculations that the European Central Bank will cut interest rates at its policy meeting this week. The week is poor on fundamental reports, therefore the Forex market is digesting last week’s events for the most part. Yet policy meetings of several central banks, including the ECB, may yet spur the market into action.
Crude oil inventories increased by 1.3 million barrels and total motor gasoline inventories increased by 7.4 million barrels last week. (Event A on the chart.)
Yesterday, a report on construction spending was released showing an increase by $16.1 billion in November, compare to October’s $14.1 billion. The analysts predicted a $12.9 billion rise. (Not show on the chart.)
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