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EUR/USD Bounces After Dipping Intraday

June 28, 2017 by

EUR/USD slid intraday but bounced later after signals about possible monetary tightening in Great Britain and Canada drove the US dollar down. The unexpected drop of US pending home sales was not helping the greenback either.

Pending home sales fell 0.8% in May from April instead of rising 0.9% as analysts had predicted. That was the third consecutive monthly decline. The April drop was revised from 1.3% to 1.7%. (Event A on the chart.)

US crude oil inventories barely rose last week, increasing by just 0.1 million barrels, and were in the upper half of the average range for this time of year. Still, it was an increase, while forecasters had promised a decrease by 2.1 million. The inventories were down 2.5 million the week before. Total motor gasoline inventories shrank by 0.9 million barrels last week but also were in upper half of the average range. (Event B on the chart.)

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