EUR/USD sank today as tensions between the United States and Syria made investors stick to safer assets. Today’s US macroeconomic data was not good at all, but it did not prevent the dollar from a sharp jump.
Pending home sales dropped 1.3% in July after falling 0.4% in June. It was an unexpected and unpleasant result as experts have anticipated a 0.2% increase. Yet not everything was bad as the report stated:”The modest decline in sales is not yet concerning, and contract activity remains elevated, with the South and Midwest showing no measurable slowdown.” (Event A on the chart.)
US crude oil inventories increased by 3.0 million barrels last week, compared to the median forecast of 0.5 million, and are near the upper limit of the average range for this time of year. The stockpiles were down 1.4 million barrels in the previous week. Total motor gasoline inventories decreased by 0.6 million barrels and are in the upper half of the average range. (Event B on the chart.)
If you have any comments on the recent EUR/USD action, please reply using the form below.
