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EUR/USD Crawls Higher Despite US Housing Data

December 21, 2016 by

Today’s US housing data was good but it did not prevent the dollar from losing to the euro. Analysts explained such behavior by traders’ desire to lock in profits ahead of the year-end.

Existing home sales rose to the seasonally adjusted annual rate of 5.61 million in November from a downwardly revised 5.57 million in October (5.60 million before the revision). Experts predicted a decline to 5.52 million. (Event A on the chart.)

Crude oil inventories rose by 2.3 million barrels last week while analysts had predicted drop by about the same amount. The stockpiles shrank by 2.6 million the week before. Total motor gasoline inventories fell by 1.3 million barrels last week. (Event B on the chart.)

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

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