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EUR/USD Bounces After Dipping Intraday

EUR/USD slid intraday but bounced later after signals about possible monetary tightening in Great Britain and Canada drove the US dollar down. The unexpected drop of US pending home sales was not helping the greenback either.

Pending home sales fell 0.8% in May from April instead of rising 0.9% as analysts had predicted. That was the third consecutive monthly decline. The April drop was revised from 1.3% to 1.7%. (Event A on the chart.)

US crude oil inventories barely rose last week, increasing by just 0.1 million barrels, and were in the upper half of the average range for this time of year. Still, it was an increase, while forecasters had promised a decrease by 2.1 million. The inventories were down 2.5 million the week before. Total motor gasoline inventories shrank by 0.9 million barrels last week but also were in 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.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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