EUR/USD was moving higher initially today but reversed its movement as of 9:45 GMT and continued to go lower after the positive report about existing home sales in the United States. As of now, the currency pair stuck near the opening level, trading sideways.
Existing home sales rose to the seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February, above the projected value of 5.04 million. It was the highest annual rate in 18 months. (Event A on the chart.)
US crude oil inventories expanded by 5.3 million barrels last week, beating the forecast growth of 2.7 million and the previous week’s increase of 1.3 million. Total motor gasoline inventories decreased by 2.1 million barrels but remained above the upper limit of the average range. (Event B on the chart.)
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