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EUR/USD Moves Higher During Quiet Trading

July 11, 2017 by Vladimir Vyun

EUR/USD went up today. Trading was quiet, with few economic releases. But those that came out favored the euro over the dollar, pushing the currency pair higher. Traders wait for tomorrow’s testimony of Federal Reserve Chair Janet Yellen.

Wholesale inventories rose 0.4% in May from April, exceeding analysts’ estimates that showed a 0.3% growth. The stockpiles were down 0.5% in the previous reporting period. (Event A on the chart.)

Yesterday, a report on consumer credit was released, showing an increase by $18.4 billion in May from April. That was a bigger increase than $12.1 billion predicted by economists. The April gain received a substantial upward revision from $8.2 billion to $12.9 billion. (Not shown on the chart.)

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

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