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EUR/USD Stops Its Rally After US Real Estate Report

July 22, 2020 by

The euro was rising against the US dollar for the main part today until the US fundamental reports for the day commenced. The values were rather good, albeit not as good as analysts had expected, allowing the greenback to regain some of its losses.

Existing home sales went up from 3.91 million to 4.72 million in June, demonstrating a record-breaking growth in one month. The sales were still a bit lower than the median forecast of 4.77 million and significantly below the last year’s June value of 5.32 million. (Event A on the chart.)

US crude oil inventories increased by 4.9 million barrels last week after declining by 7.5 million barrels a week earlier. Forecasts were pointing at a drop by 2.1 million barrels to be reported today. Total motor gasoline inventories decreased by 1.8 million barrels but remained above the five-year average for this time of the year. (Event B on the chart.)

EUR/USD as of 2020-07-22

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