Investing.com – The euro surged to a fresh 5-month high against the U.S. dollar on Tuesday, breaking above a key resistance at 1.35, following the release of broadly worse-than-expected U.S. economic data.
EUR/USD hit 1.3556 during European afternoon trade, the pair's highest since April 16; the pair subsequently consolidated at 1.3553, soaring 0.73%.
The pair was likely to find support at 1.3425, Monday's low and resistance at 1.3665, the high of April 15.
Earlier in the day, the Conference Board said its index of U.S. consumer sentiment fell more-than-expected in September, falling to 48.5 after rising to a revised 53.2 in August. Analysts had expected the index to decline to 52.9 in September.
Commenting on the report, Lynn Franco, Director of The Conference Board Consumer Research Center said, "Overall, consumers’ confidence in the state of the economy remains quite grim".
Elsewhere, separate reports showed that while U.S. house prices fell less-than-expected in July, the Richmond Manufacturing Index fell more-than-expected in September.
The euro was also up against the pound, with EUR/GBP surging 0.84% to hit 0.8572.
Also Tuesday, Juergen Stark, executive board member at the European Central Bank, confirmed that the institution was on track to continue phasing out some of the special liquidity measures put in place at the height of the financial crisis.
EUR/USD hit 1.3556 during European afternoon trade, the pair's highest since April 16; the pair subsequently consolidated at 1.3553, soaring 0.73%.
The pair was likely to find support at 1.3425, Monday's low and resistance at 1.3665, the high of April 15.
Earlier in the day, the Conference Board said its index of U.S. consumer sentiment fell more-than-expected in September, falling to 48.5 after rising to a revised 53.2 in August. Analysts had expected the index to decline to 52.9 in September.
Commenting on the report, Lynn Franco, Director of The Conference Board Consumer Research Center said, "Overall, consumers’ confidence in the state of the economy remains quite grim".
Elsewhere, separate reports showed that while U.S. house prices fell less-than-expected in July, the Richmond Manufacturing Index fell more-than-expected in September.
The euro was also up against the pound, with EUR/GBP surging 0.84% to hit 0.8572.
Also Tuesday, Juergen Stark, executive board member at the European Central Bank, confirmed that the institution was on track to continue phasing out some of the special liquidity measures put in place at the height of the financial crisis.