EUR/USD Goes Down, Ignoring Economic Data

US economic data released during the Wednesday’s session was disappointing with existing home sales falling more than was expected. Meanwhile, German GDP growth in the second quarter of 2016 was at 0.4% according the revised estimate, unchanged from the preliminary one, while experts had anticipated a downward revision to 0.3%. Yet all that did not prevent EUR/USD from tumbling today and reaching the lowest level in a week.
Existing home sales dropped to the seasonally adjusted annual rate of 5.39 million in July from 5.57 million in June, below the analysts’ median projection of 5.52 million. (Event A on the chart.)
Crude oil inventories rose by 2.5 million barrels last week after falling by the same amount the week before. Specialists had predicted a drop by 0.5 million. Total motor gasoline inventories were unchanged. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Leave a Reply

Your email address will not be published. Required fields are marked *