EUR/USD pulled back today after climbing 1 percent yesterday. The currency pair was moving sideways for the most part of the Wednesday’s session but has dipped recently and currently continues to move down.
Existing home sales demonstrated an increase to the seasonally adjusted annual rate of 5.49 million in June from the downwardly revised 5.32 million in May. The actual value exceeded the median analysts’ estimate of 5.40 million. (Event A on the chart.)
US crude oil inventories grew by 2.5 million barrels last week after dropping by 4.3 million the week before. The data will likely hurt the already struggling prices for crude as market participants were expecting a decrease by 1.7 million. Total motor gasoline inventories decreased by 1.7 million barrels last week but were still in the upper half of the average range. (Event B on the chart.)
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