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EUR/USD Down Ahead of Summit

June 27, 2012 by

EUR/USD was falling today ahead of the EU summit that will start tomorrow. Data from the United States was rather good. Most notably, the US housing market continued to show signs of robust growth.

Durable goods orders rose 1.1% in May, above the market expectations of 0.5%. The April reading was revised from 0.2% to -0.2%. (Event A on the chart.)

Pending home sales jumped 5.9% in May, beating the analysts’ expectations of 1.2%. The gain followed the April 5.5% decline. The report said that the housing market looks much better than in the past four years. (Event B on the chart.)

US crude oil inventories decreased by 0.1 million barrels last week and are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 2.1 million barrels and are in the lower limit of the average range. (Event C on the chart.)

EUR/USD for 2012-06-27

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