EUR/USD dipped intraday but rebounded later today after the release of a
better-than-expected eurozone consumer inflation report. (Event A on the chart.) The session was light in terms of US macroeconomic releases.
Both housing starts and building permits fell in June. Housing starts were at the seasonally adjusted annual rate of 1.25 million, down from 1.27 million in May. Building permits were at the seasonally adjusted annual rate of 1.22 million, down from 1.30 million. Analysts had predicted readings of 1.26 million and 1.30 million for housing starts and building permits respectively. (Event B on the chart.)
US crude oil inventories decreased by 3.1 million barrels last week, close to the median forecast of a 3.6 million drop, but were above the five-year average for this time of year. The week before, the reserves slumped by 9.5 million barrels. Total motor gasoline inventories increased by 3.6 million barrels and were also above the five-year average. (Event C on the chart.)
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