EUR/USD: greenback battles back – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the American dollar fell to fresh yearly lows against most of its major rivals this Tuesday, as poor manufacturing data coming from China revived concerns over a global economic slowdown.

Key Quotes:

“European stocks plummeted, closing the day in the red, helping the common currency in surging to a fresh 8-month high of 1.1615 against the dollar.”

“The release of better-than-expected data in Europe fueled demand for the common currency, as in March, industrial producer prices rose by 0.3% in the euro area, following a 0.7% in the previous month.”

“The pair began to ease after the release of poor UK data, which gave the greenback a breath that turned into a strong intraday advance following Wall Street’s opening.”
For more information, read our latest forex news. …read more

Source:: FX Street