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EUR/USD Continues to Move Down on European News

July 18, 2012 by

The dollar rose against the euro today during the early European trading session on some negatively revised eurozone construction indicators (event A on the chart.) The currency pair seems to be mostly ignoring the US releases. EUR/USD managed to rebound a little following the release of the consultation report by IMF that called for pan-European deposit insurance.

Building permits fell from 784k to 755k in June — 10k below the median forecast. Housing starts rose to a seasonally adjusted annual rate of 760k in June — up from 711k reported for May (revised from 708k). They were expected to rise only to 745k. (Event B on the chart.)

Crude oil inventories decreased by 800k barrels last week as was expected by the market analysts. The drop followed 4.7 million barrels decline a week ago. Total motor gasoline inventories decreased by 1.8 million barrels last week. (Event C on the chart.)

EUR/USD as of 2012-07-18

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