EUR/USD Moves Sideways in Directionless Trade

EUR/USD has been trading without a clear direction over Wednesday. There were just a couple of US macroeconomic reports released today, and markets were paying attention mostly to the testimony of Federal Reserve Chairman Jerome Powell.

New home sales were at a seasonally adjusted annual rate of 923k in January, up from the revised December rate of 885k (842k before the revision). Analysts completely missed the mark with their forecast of a drop to 853k. (Event A on the chart.)

US crude oil inventories rose by 1.3 million barrels last week instead of dropping by 6.5 million barrels as analysts had predicted. The reserves were at the five-year average for this time of year. The stockpiles dropped by 7.3 million barrels the week before. Total motor gasoline inventories remained basically unchanged and were 1% above the five-year average. (Event B on the chart.)

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