The dollar rose against the euro today during the early European trading session on some negatively revised eurozone construction indicators (event A on the chart.) The currency pair seems to be mostly ignoring the US releases. EUR/USD managed to rebound a little following the release of the consultation report by IMF that called for
Building permits fell from 784k to 755k in June — 10k below the median forecast. Housing starts rose to a seasonally adjusted annual rate of 760k in June — up from 711k reported for May (revised from 708k). They were expected to rise only to 745k. (Event B on the chart.)
Crude oil inventories decreased by 800k barrels last week as was expected by the market analysts. The drop followed 4.7 million barrels decline a week ago. Total motor gasoline inventories decreased by 1.8 million barrels last week. (Event C on the chart.)
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