Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders

Archives

EUR/USD Consolidates amid Light Macroeconomic Data

August 8, 2018 by

EUR/USD consolidated today, looking for direction. The current session was light in terms of macroeconomic data in the United States, providing no help for the currency pair in determining its next move.

US crude oil inventories decreased by 1.4 million barrels last week, two times less than the market has anticipated — 2.8 million. The stockpiles increased by 3.8 million barrels the week before. At the same time, total motor gasoline inventories increased by 2.9 million barrels. (Event A on the chart.)

Yesterday, a report on consumer credit was released, showing an increase by $10.2 billion in June. The actual increase failed to meet analysts’ projections of $16.2 billion. The previous month’s increase got a negative revision from $24.6 billion to $24.3 billion. (Not shown on the chart.)

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

Leave a Reply

required
required (will not be published)
optional