Home / Forex & Currency Exchange News / EUR/USD Trades Higher as US Congress Close to Passing Tax Reform Bill

EUR/USD Trades Higher as US Congress Close to Passing Tax Reform Bill

EUR/USD rose today even as US Congress was very close to voting for the final version of the tax reform bill. Markets were apathetic to the news as the reform was priced in and trading was becoming lighter ahead of Christmas. Better-than-expected US housing data did not boost the dollar.

Existing home sales jumped to the seasonally adjusted annual rate of 5.81 million in November from the upwardly revised 5.50 million in October. That was a bigger increase than a modest rise to 5.53 million predicted by analysts. (Event A on the chart.)

Crude oil inventories decreased by 6.5 million barrels last week, almost two times the forecast drop by 3.6 million. The stockpiles shrank by 5.1 million the week before. Total motor gasoline inventories increased by 1.2 million barrels. (Event A on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Posted on Forex blog. Click Here For Original Source Of The Article

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.

Check Also

Large Speculators and the House of Pain

Large Speculators and the House of Pain

By The Gold Report Source: Michael J. Ballanger for Streetwise Reports   02/18/2018 Every bottom in gold is characterized by massive long liquidation by the Large Specs, precious metals analyst Michael Ballanger states. This week’s COT report once again confirms that the Large Speculators are arguably the stupidest group of gold traders in existence. To be […]

Leave a Reply

Your email address will not be published. Required fields are marked *