Improved Housing Data Helps Topple Euro from 11-week High

Barbara Zigah

By: Barbara Zigah

The common currency Euro slipped from an 11-week peak versus the U.S. Dollar after the release of stronger U.S. housing prices helped the U.S. currency recoup earlier losses.  As reported at 9:38 a.m. (EST) in New York, the Euro was trading against the U.S. unit at $1.2989 on the EBS trading platform.  Just prior to the release of the housing data, the Euro had been trading at $1.3050, the highest price in nearly 11 weeks.  

The May home price index, as reported by Standard & Poors/Case-Shiller, rose 4.6% as compared to the same month a year ago.  Analysts had predicted only a 4.1% increase and the strong data helped the greenback rise against the Japanese Yen in intra-day trading.  Some market players see the improved housing data as an indication that positive change is imminent.  

With investor worries over the recovery of the global economies appearing to recede, risk appetite continues to grow, helping global growth currencies such as the Australian, New Zealand and Canadian Dollars.  The Canadian Dollar struck a new 5-week peak versus its U.S. Dollar counterpart, trading at C$1.0283 and breaking the 100-day moving average.

About the Author
Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

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