Consumer Credit Declines and Pushes EUR/USD Down
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The euro declined against the U.S. dollar as the oil price was heading down and the U.S. consumer credit continue to fall. The perspectives for the high-yielding assets look not very promising as the commodity/oil prices decrease and the risk-aversion returns to the market. EUR/USD is now trading near 1.3860.
Crude oil inventories declined by 2.9 million barrels last week, while the motor gasoline inventories gained 1.9 million barrels.
Consumer credit fell by $3.3 billion in May in United States. This decline followed $16.5 billion drop in April. The forecast for May’s change was at -$10 billion.
This Monday a report on the ISM index in the service sector was released. It rose from 44% to 47% for the month of June, which is better than 46% forecast but still means that the economy is contracting.
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