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EUR/USD Gains After US Midterm Elections

November 7, 2018 by

EUR/USD gained today as markets were digesting the results of the US midterm elections. Democrats secured control of the House, while Republicans won the Senate. There were few macroeconomic reports in the United States today, and they were not particularly important, having limited impact on the currency pair. Now, traders wait for tomorrow’s policy announcement from the Federal Reserve.

US crude oil inventories increased by 5.8 million barrels last week, almost three times the forecast increase by 2.0 million barrels. The stockpiles grew by 3.2 million barrels the week before. Total motor gasoline inventories were up by 1.9 million barrels last week. (Event A on the chart.)

Consumer credit rose by $11.0 billion in September from the previous month, failing to reach the forecast increase of $15.7 billion. The August gain got a positive revision from $20.1 billion to $22.8 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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