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EUR/USD Goes Down, Ignoring Economic Data

US economic data released during the Wednesday’s session was disappointing with existing home sales falling more than was expected. Meanwhile, German GDP growth in the second quarter of 2016 was at 0.4% according the revised estimate, unchanged from the preliminary one, while experts had anticipated a downward revision to 0.3%. Yet all that did not prevent EUR/USD from tumbling today and reaching the lowest level in a week.

Existing home sales dropped to the seasonally adjusted annual rate of 5.39 million in July from 5.57 million in June, below the analysts’ median projection of 5.52 million. (Event A on the chart.)

Crude oil inventories rose by 2.5 million barrels last week after falling by the same amount the week before. Specialists had predicted a drop by 0.5 million. Total motor gasoline inventories were unchanged. (Event B on the chart.)

EUR/USD as of 2016-08-24

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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