USD falls across the board after disappointing data

FXStreet (Córdoba) - It was an off session for the greenback, which fell sharply across the board, weighed by disappointing US data. Housing starts slumped 11.4% in March, pulling back from a 7-year high, while a gauge of manufacturing activity by Markit and initial jobless claims came in below expectations.

EUR/USD rose nearly 200 pips throughout the day as coupled with dollar weakness, the euro welcomed positive news in the Greek front. Following a short meeting between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel an official said it was positive and constructive. Tsipras asked for an interim-deal by end-April and for an acceleration of talks.

EUR/USD broke above 1.0800 and reached a weekly high of 1.0844 but stalled a few pips shy of last week’s peak.

GBP/USD resumed the upside during the American session after a period of weakness triggered by disappointing UK retail sales. Cable reached a high of 1.5069 and settled just below over the last hours.

USD/JPY was rejected from the 120.00 level and dropped to the 200-hour SMA at 119.40 before finding support. USD/CHF fell sharply, reversing yesterday’s gains. AUD and CAD also advanced against the greenback while the NZD underperformed.

In Wall Street, the S&P 500 reached a fresh all time high, while the Nasdaq Composite Index broke its all-time closing high for the first time in 15 years.

There is no much in terms of data during the Asian session, while the Eurogroup meeting and US durable good orders will be closely watched tomorrow.