EUR/USD Fails to Rally amid Escalating Trade Tensions

EUR/USD attempted to rally today but failed amid signs of escalating trade tensions between the United States and China. The start of the week was light in terms of macroeconomic data in the USA, but that should change later with the PPI on Wednesday, the CPI on Thursday, and retail sales on Friday.
Wholesale inventories rose by 0.6% in July. Experts were anticipating the same 0.7% rate of growth as in June. (Event A on the chart.)
Yesterday, a report on consumer credit was released, showing an increase of $16.6 billion in July, which was above the average forecast of $14.5 billion. The June increase got a negative revision from $10.2 billion to $8.5 billion. (Not shown on the chart.)

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