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EUR/USD Continues Its Drop on Oil Inventories Report

July 21, 2010 by

EUR/USD continued its decline today before and after the release on the oil inventories showed a rather small gain. Traders are also reacting to the yesterday’s news and to the elevated level of risk aversion. The currency pair is currently trading near 1.2818.

Crude oil inventories rose by 0.4 million barrels in U.S. during the last week. Meanwhile the total motor gasoline inventories rose by 1.1 million barrels. The growth followed 5.5 million barrels decline in crude oil and 1.6 million barrels gain in gasoline inventories a week earlier.

Yesterday, a report on housing starts and building permits was released. Housing starts fell from 578k to 549k in U.S. in June. Building permits rose from 574k to 586k. The expected forecast values were 577k and 575k, respectively.

If you have any comments on the recent EUR/USD action, please, reply using the form below.

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