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EUR/USD Gets Boost from Falling US Existing Home Sales

July 20, 2011 by

EUR/USD advanced today as the US existing home sales unexpectedly declined in June. The currency pair was rising at the beginning of today’s trading session, later declined, was boosted by the home sales report, but currently tends to move down. EUR/USD trades near 1.4196 now.

Existing home sales declined to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May. Market participants were too optimistic, expecting an increase to 4.92 million. (Event A on the chart.)

Crude oil inventories decreased by 3.7 million barrels from the previous week and are in the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 0.8 million barrels last week and are in the middle of the average range. (Event B on the chart.)

EURUSD for 2011-07-20

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