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by ForexNewsNow Team on September 28, 2010

EUR USD analysis: Euro surges after U.S. consumer morale data

EUR USD analysis - euros and dollarsNEW YORK (Forex News Now) – The euro surged against the dollar on Tuesday, touching a new 5-month high, after a report showed that U.S. consumer morale dropped more than expected in September.

In late U.S. currency market trading, EUR/USD struck 1.3595, its highest since April 15. The currency pair later retreated slightly to trade at 1.3587, up 0.99 percent on the day.

The Conference Board research group said earlier that its index of U.S. Consumer Confidence dropped to 48.5 during the month, down from a revised 53.2 in August. Analysts had expected a lighter fall to 52.5 in September, according to two currency market trading news outlets.

According to EUR USD analysis, EUR/USD was likely to touch support around the daily low, 1.3381, and encounter resistance around the high of April 12, 1.3692.

The euro’s gains also came after a former adviser to China’s central bank, Yu Yongding, said the dollar is “one step nearer” to a crisis as debt levels in the world’s largest economy increase, Bloomberg reported.

Elsewhere, the euro advanced versus the yen: EUR/JPY traded at 113.77, up 0.32 percent, according to intraday analysis.

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