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EUR/USD Gains for Yet Another Day

July 24, 2013

EUR/USD advanced today for the fourth consecutive session as almost all today’s reports from Europe were better than forecast. The US data was also good (unlike on the previous sessions), limiting gains of the currency pair.

New home sales were at the seasonally adjusted annual rate of 497k in June, beating the median forecast of 482k. The May’s rate was revised negatively from 476k to 459k. (Event A on the chart.)

Crude oil inventories decreased by 2.8 million barrels last week, matching forecasts, and are in the upper half of the average range for this time of year. The previous week’s decrease was at 6.9 million. Total motor gasoline inventories decreased by 1.4 million barrels, but are above the upper limit of the average range. (Event B on the chart.)

EUR/USD for 2013-07-24

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