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EUR/USD Extends Reversal Move

August 26, 2015 (Last updated on August 28, 2015) by

EUR/USD extended its Tuesday’s move down that followed the big surge on Monday. Markets calmed down a bit after China took measures to support its slowing economy and to mitigate the negative impact of sinking Chinese shares.

Durable goods orders rose 2.0% in July. That is compared to the June’s revised growth of 4.1%. Forecasters have totally missed the mark, promising a drop by 0.4%. (Event A on the chart.)

Crude oil inventories shrank by 5.5 million barrels last week after rising by 2.6 million the week before. Analysts were wrong in this instance as well, expecting growth by 1.0 million. Total motor gasoline inventories increased by 1.7 million barrels last week and are in the middle of the average range. (Event B on the chart.)

EUR/USD for 2015-08-26

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