Investing.com – The euro erased losses against the U.S. dollar on Monday, clawing back up from a daily low after industry data showed that U.S. builder confidence in the market for newly built homes remained at an 18-month low.
EUR/USD retreated from 1.0328, the daily low, to hit 1.0308 during European afternoon trade, gaining 0.24%.
The pair was likely to find support at 1.2975, last Friday's low and short-term resistance at 1.3158.
Earlier Monday, data showed that the U.S. National Association of Home Builders/Wells Fargo Housing Market Index remained unchanged at 13 in September, staying at its lowest level since March 2009.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 on the index indicates a favorable outlook on home sales, below indicates a negative outlook.
Commenting on the report, NAHB chief economist David Crowe said, "The stall in the nation's housing market continues."
The euro was also up against the pound, with EUR/GBP gaining 0.61% to hit 0.8400.
Also Monday, official data showed that Italy's trade balance unexpectedly recorded a surplus in July.
EUR/USD retreated from 1.0328, the daily low, to hit 1.0308 during European afternoon trade, gaining 0.24%.
The pair was likely to find support at 1.2975, last Friday's low and short-term resistance at 1.3158.
Earlier Monday, data showed that the U.S. National Association of Home Builders/Wells Fargo Housing Market Index remained unchanged at 13 in September, staying at its lowest level since March 2009.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 on the index indicates a favorable outlook on home sales, below indicates a negative outlook.
Commenting on the report, NAHB chief economist David Crowe said, "The stall in the nation's housing market continues."
The euro was also up against the pound, with EUR/GBP gaining 0.61% to hit 0.8400.
Also Monday, official data showed that Italy's trade balance unexpectedly recorded a surplus in July.