Posted 12/5/2023, 9:22:36 PM
Euro Slides to 1.08 as Strong US Data Boosts Dollar Despite Solid Eurozone Figures
- EUR/USD breaks below 1.0800 on Tuesday as markets see flows into safe haven assets like the US Dollar
- Euro falls for a fifth straight day despite better-than-expected Eurozone economic data
- US data shows still-tight labor market and solid service sector growth, reducing hopes for Fed rate cuts
- Technicals show EUR/USD breaking 200-day SMA and risk falling further towards 1.0700 support area
- Key data ahead includes Eurozone GDP, retail sales, US NFPs, which could influence EUR/USD direction