Breaking: EUR/USD drops to fresh multi-year lows below 1.0800 on broad USD strength

The EUR/USD pair came under renewed bearish pressure and broke below the 1.0800 mark to touch its lowest level since April 2017 at 1.0793.

The broad-based USD strength seems to be behind the latest selloff. The upbeat data from the US provided a boost to the USD.

After the Empire State Manufacturing Index improved to 12.9 in February to beat the market expectation of 5 by a wide margin, the US Dollar Index rallied to its highest level since early October at 99.41.