Euro/dollar Soars to 1-Month High

The U.S currency dropped against all the major currencies on Tuesday after reports ‎showed U.S. retail sales and business inventories rose more than expected. The data eased ‎investors' worries about the outlook for the global economy, making them more willing to ‎buy riskier assets, including stocks and commodities, and moving away from assets ‎considered safer, such as the greenback.‎ The dollar turned lower versus the euro after a report showed U.S. business inventories ‎jumped 1% in July. The euro's advance began after U.S. retail sales rose more than ‎expected in August, notching the largest gain in 5 months. Once the euro broke above ‎‎$1.2920-30 area, the level that was the top of the range since August, it kept going to a ‎one-month high of $1.3033. It was last up 1% at 1.3000. The move may be accelerated, as ‎being at parity was a key technical point which may encourage more selling of dollars, ‎analysts said. ‎

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