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EUR/USD Continues to Get Support from US-China Conflict

August 7, 2019 by

EUR/USD rose today as traders were not keen on buying the dollar amid escalating US-China trade tensions. The currency pair has almost lost its gains by now, though.

US crude oil inventories increased by 2.4 million barrels last week and were above the five-year average for this time of year. That is instead of falling by 2.9 million barrels as experts had predicted. The stockpiles dropped by 8.5 million barrels the week before. Total motor gasoline inventories increased by 4.4 million barrels and were also above the five-year average. (Event A on the chart.)

Consumer credit rose by $14.6 billion in June from May, trailing the analysts’ median forecast of a $16.4 billion increase. May’s increase got a positive revision from $17.1 billion to $17.8 billion. (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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