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EUR/USD Continues to Consolidate

November 18, 2020 by

EUR/USD did not move far today as markets remained in a consolidation mode. There were not many macroeconomic reports released in the United States today, and those that came out were not particularly important.

Housing starts were at a seasonally adjusted annual rate of 1.53 million in October, up from the revised September estimate of 1.46 million (1.42 million before the revision). Analysts had predicted a smaller value of 1.45 million. Building permits were at a seasonally adjusted annual rate of 1.55 million, virtually unchanged from the previous month, while experts had predicted a mild increase to 1.57 million. (Event A on the chart.)

US crude oil inventories rose by 0.8 million barrels last week, less than analysts had predicted — 1.7 million barrels. The stockpiles swelled by 4.3 million barrels the week before. Total motor gasoline inventories increased by 2.6 million barrels. (Event B on the chart.)

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

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