EUR/USD demonstrated big swings today, reacting to mixed fundamental indicators. At first, the currency pair jumped on positive data from Europe. It retreated later after the unexpected drop of US jobless claims but bounced after the
Initial jobless claims dropped from 303k to 284k last week instead of rising to 310k as analysts predicted. (Event A on the chart.)
New home sales were at the seasonally adjusted annual rate of 406k in June, nowhere near the expected figure of 485k. Moreover, the May reading received a massive negative revision from 504k to 442k. (Event B on the chart)
Сrude oil inventories decreased by 4.0 million barrels last week and are in the upper half of the average range for this time of year. The drop was above the predicted 2.1 million but below the previous week’s 7.5 million. Total motor gasoline inventories increased by 3.4 million barrels and are in the upper half of the average range. (Not shown on the chart)
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