EUR/USD consolidated today, looking for direction. The current session was light in terms of macroeconomic data in the United States, providing no help for the currency pair in determining its next move.
US crude oil inventories decreased by 1.4 million barrels last week, two times less than the market has anticipated — 2.8 million. The stockpiles increased by 3.8 million barrels the week before. At the same time, total motor gasoline inventories increased by 2.9 million barrels. (Event A on the chart.)
Yesterday, a report on consumer credit was released, showing an increase by $10.2 billion in June. The actual increase failed to meet analysts’ projections of $16.2 billion. The previous month’s increase got a negative revision from $24.6 billion to $24.3 billion. (Not shown on the chart.)
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