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EUR/USD Trades Higher as US Congress Close to Passing Tax Reform Bill

December 20, 2017 by

EUR/USD rose today even as US Congress was very close to voting for the final version of the tax reform bill. Markets were apathetic to the news as the reform was priced in and trading was becoming lighter ahead of Christmas. Better-than-expected US housing data did not boost the dollar.

Existing home sales jumped to the seasonally adjusted annual rate of 5.81 million in November from the upwardly revised 5.50 million in October. That was a bigger increase than a modest rise to 5.53 million predicted by analysts. (Event A on the chart.)

Crude oil inventories decreased by 6.5 million barrels last week, almost two times the forecast drop by 3.6 million. The stockpiles shrank by 5.1 million the week before. Total motor gasoline inventories increased by 1.2 million barrels. (Event A on the chart.)

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