Dollar Hit by Weak Data Political Turmoil, Euro Soars Above 1.10000 Significant Level
The Euro moved past the 1.10 handle versus the U.S. dollar for the first time since early November on Tuesday as the greenback was hit hard by concerns over U.S. political turmoil while the single currency strengthened after upbeat economic data released earlier on the day.
The pair EURUSD jumped nearly 1% to as high as 1.10800 – the highest level since November 8th as the dollar lost ground after weaker-than-expected U.S. housing data which showed building permits decreased 2.5% on a yearly basis to 1.23 million unit. Analysts had forecast a rise to 1.27M units. Meanwhile, U.S. President Donald Trump was alleged to disclose highly classified information of terrorism intelligence to Russia’s foreign minister.
In terms of the Eurozone, the latest growth figures released this morning showed the Eurozone economy expanded at a steady pace of 0.5 percent on a quarterly basis, which was in line with expectations.
Buy Stop at 1.10800, Take profit 1.11400, Stop loss at 1.10500