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EUR/USD Shows Recovery, Does Not Mind Fundamentals

August 6, 2014 by

The dollar fell slightly against the euro today. The EUR/USD currency pair started to recover during the early US session and continues doing so now. Two US fundamental reports did not have any significant effect on the trend.

US trade balance unexpectedly contracted from $44.7 billion in May to $41.5 billion in June. It should have been a pleasant surprise for dollar bulls (who expected a growth of deficit to $44.9 billion), but EUR/USD did not drop after the release.

Crude oil inventories decreased by 1.8 million barrels during the week ending August 1. The drop followed a decline by 3.7 million barrels and was in line with the forecasts. Total motor gasoline inventories declined by 4.4 million barrels during the same period and are now in the middle of the average range for this time of year.

EUR/USD as of 2014-08-06

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