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EUR/USD Rises Little Bothered by US Economic Releases

December 30, 2019 by

The euro was in a downward trend against the greenback prior to the US session opening today but then entered a sort of a rally, which has now ended in a minor correction. The US fundamentals had almost no effect on the currency pair trading through the day.

Chicago PMI advanced from 46.3 to 48.9 in December while analysts had expected it to go up to 48.2. (Event A on the chart.)

Pending home sales increased by 1.2% in November following 1.3% drop in October (revised positively from -1.7%). The median forecast for this report was a 1.5% gain. (Event B on the chart.)

On Friday, the US Energy Information Administration released a report on crude oil inventories, showing a decrease by 5.5 million barrels for the week ending December 20. The drop has significantly surpassed the one projected by the analysts (1.7 million barrels) and the one reported earlier (1.1 million barrels). Total motor gasoline inventories increased by 2 million barrels during the same week. (Not shown on the chart.)

EUR/USD as of 2019-12-30

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