Investing.com - The euro dropped against the dollar on Monday after Iran over the weekend agreed to terms to limit its nuclear ambitions, which sparked global demand for the greenback.
In U.S. trading on Monday, EUR/USD was down 0.43% at 1.3498, up from a session low of 1.3490 and off from a high of 1.3560.
The pair was likely to find support at 1.3399, Thursday's low, and resistance at 1.3578, Tuesday's high.
Iran's decision to limit its nuclear ambitions enticed investors out of safe-haven yen and other positions on Monday and sparked demand for the dollar, which came at the euro's expense.
Weekend talks among the U.S., Russia, China, Britain, Germany, France and Iran ended in agreement that halted advancements in Iran's nuclear program in exchange for easing economic sanctions against Tehran.
Under the terms of the agreement, Iran will stop enriching uranium beyond 5%, and neutralize its stockpile of uranium enriched beyond that point.
Tehran will also grant more access to its facilities to nuclear inspectors in exchange for no new sanctions for six months.
Iran will also receive sanctions relief worth approximately USD7 billion in trade on oil, auto and airplane parts, gold and precious metals for six months.
Trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than 1 million barrels of oil per day from the global market in the past two years.
World powers have accused Iran of using its nuclear program to secretly develop nuclear weapons, an assertion the country has consistently denied.
The news offset otherwise bearish data for the dollar in the U.S. housing sector that revealed
pending home sales fell unexpectedly in October.
In a report, the National Association of Realtors said its pending home sales index declined by a seasonally adjusted 0.6% in October, disappointing market expectations for a 1.3% gain.
Year-on-year, pending home sales fell at annualized rate of 2.2% last month, outpacing expectations for a 1% decline after rising 2% in September.
The single currency was up against the pound and down against the yen, with EUR/GBP trading up 0.09% at 0.8362 and EUR/JPY trading down 0.01% at 137.27.
On Tuesday, the U.S. is to produce data on building permits, a leading indicator of future construction activity as well as a report on housing starts. The nation is also to release private sector data on consumer confidence and house price inflation.
In U.S. trading on Monday, EUR/USD was down 0.43% at 1.3498, up from a session low of 1.3490 and off from a high of 1.3560.
The pair was likely to find support at 1.3399, Thursday's low, and resistance at 1.3578, Tuesday's high.
Iran's decision to limit its nuclear ambitions enticed investors out of safe-haven yen and other positions on Monday and sparked demand for the dollar, which came at the euro's expense.
Weekend talks among the U.S., Russia, China, Britain, Germany, France and Iran ended in agreement that halted advancements in Iran's nuclear program in exchange for easing economic sanctions against Tehran.
Under the terms of the agreement, Iran will stop enriching uranium beyond 5%, and neutralize its stockpile of uranium enriched beyond that point.
Tehran will also grant more access to its facilities to nuclear inspectors in exchange for no new sanctions for six months.
Iran will also receive sanctions relief worth approximately USD7 billion in trade on oil, auto and airplane parts, gold and precious metals for six months.
Trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than 1 million barrels of oil per day from the global market in the past two years.
World powers have accused Iran of using its nuclear program to secretly develop nuclear weapons, an assertion the country has consistently denied.
The news offset otherwise bearish data for the dollar in the U.S. housing sector that revealed
pending home sales fell unexpectedly in October.
In a report, the National Association of Realtors said its pending home sales index declined by a seasonally adjusted 0.6% in October, disappointing market expectations for a 1.3% gain.
Year-on-year, pending home sales fell at annualized rate of 2.2% last month, outpacing expectations for a 1% decline after rising 2% in September.
The single currency was up against the pound and down against the yen, with EUR/GBP trading up 0.09% at 0.8362 and EUR/JPY trading down 0.01% at 137.27.
On Tuesday, the U.S. is to produce data on building permits, a leading indicator of future construction activity as well as a report on housing starts. The nation is also to release private sector data on consumer confidence and house price inflation.