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EUR/USD Declines Unmoved by US Fundamentals

September 26, 2012 by

The currency pair fell during the early trading session today and was trading in a slightly declined sideways direction since about 4:00 GMT. The fundamental reports coming out of the United States were not very important and helped neither euro nor dollar to break away from the current status quo.

New home sales in the USA decreased to a seasonally adjusted annual rate of 373k in August down from 374k in July (revised from 372k). A growth to 380k was expected by the FX traders. (Event A on the chart.)

Crude oil inventories unexpectedly went down by 2.4 million barrels last week, following a growth of 8.5 million barrels registered a week earlier. Total motor gasoline inventories declined by 0.5 million barrels during that period; they fell by 1.4 million barrels a week before. A growth of 1.9 million barrels and 0.5 million barrels, respectively, was forecasted by analysts. (Event B on the chart.)

EUR/USD as of 2012-09-26

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