The dollar rose against the euro today in spite of a rather poor fundamental background coming from the US and minor economic improvements reported in the eurozone. Overall, the trading range is very narrow today due to the upcoming New Year holiday.
Pending home sales fell by 0.9% in November after rising by 0.4% in October (revised up from 0.2% growth). A growth of 0.6% had been predicted by the market strategists. (Event A on the chart.)
US crude oil inventories added 2.6 million barrels last week. The growth of reserves followed a huge drop by 5.9 million barrels. Forecasts had pointed at 1.6 million barrels decline. The reserves remain near the record levels in more than 80 years. Total motor gasoline inventories increased by 0.9 million barrels during the same week. (Event B on the chart.)
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