EUR/USD Soft Even as Eurozone Economy Expands

EUR/USD rose on the current trading session initially as the economies of France (event A on the chart) and Germany (event B on the chart) grew more than was expected, but slid back to the opening level even as the whole eurozone economy expanded too. (Event C on the chart.) There were not many reports from the United States today and they were not likely responsible for the drop of the currency pair.
PPI remained unchanged in July on a seasonally adjusted basis instead of rising 0.4% as was predicted by analysts. The index was up 0.8% in June. (Event D on the chart.)
Crude oil inventories decreased by 2.8 million barrels last week and are near the upper limit of the average range for this time of year. They were expected to fall at the same rate as in the previous week — 1.3 billion. Total motor gasoline inventories decreased by 1.2 million barrels and also are near the upper limit of the average range. (Event E on the chart.)

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