Investing.com – The euro surged to hit a fresh 5-week high against the broadly weaker U.S. dollar on Tuesday, as risk appetite sharpened after better-than-expected data on U.S. retail sales.
EUR/USD hit 1.3005 during European afternoon trade, the pair’s highest since August 11; the pair subsequently consolidated at 1.2992, gaining 0.85%.
The pair is likely to find support at 1.2702, Monday’s low, and resistance at 1.3185, the high of August 11.
Earlier in the day, official data showed that retail sales in the U.S. rose more-than-expected in August, increasing by a seasonally adjusted 0.4%, after rising by a revised 0.3% in July.
Analysts had expected retail sales to increase by 0.3% in August.
The report also showed that core retail sales, which exclude automobile sales, rose by a seasonally adjusted 0.6% in August, after rising a revised 0.1% in July.
Analysts had expected core retail sales to increase by 0.3% in August.
The euro was also up against the pound, with EUR/GBP gaining 0.27% to hit 0.8372.
Also Tuesday, official data showed that German economic sentiment fell to its lowest level in 19 months in August.
EUR/USD hit 1.3005 during European afternoon trade, the pair’s highest since August 11; the pair subsequently consolidated at 1.2992, gaining 0.85%.
The pair is likely to find support at 1.2702, Monday’s low, and resistance at 1.3185, the high of August 11.
Earlier in the day, official data showed that retail sales in the U.S. rose more-than-expected in August, increasing by a seasonally adjusted 0.4%, after rising by a revised 0.3% in July.
Analysts had expected retail sales to increase by 0.3% in August.
The report also showed that core retail sales, which exclude automobile sales, rose by a seasonally adjusted 0.6% in August, after rising a revised 0.1% in July.
Analysts had expected core retail sales to increase by 0.3% in August.
The euro was also up against the pound, with EUR/GBP gaining 0.27% to hit 0.8372.
Also Tuesday, official data showed that German economic sentiment fell to its lowest level in 19 months in August.