EUR/USD Drops, Heads to Weekly Gain

EUR/USD dropped today after three consecutive sessions of gains. The currency pair will likely post weekly gain despite today’s losses. The week was relatively poor on macroeconomic reports and the Forex market was mainly driven by positive news from China that sparked risk appetite among investors and weakened the dollar.
Wholesale inventories fell 0.2% in June from May, frustrating analysts who have expected a 0.5% increase. The May’s change was revised from -0.5% to -0.6%. (Event A on the chart.)
Yesterday, a report on initial jobless claims was released, showing a small increase from 328k to 333k last week. (Not shown on the chart.)

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