The EUR/USD currency pair dropped sharply owing to the strong US economic release. The Greenback strengthened against the Euro by 0.23% to reach the 1.1713 mark. However, by the end of the Tuesday’s session the European single currency recovered to pre-data levels.
The Commerce Department revealed that retail sales in the United States recorder the biggest increase in the last seven months, surging 0.6% month-over-month in July and following an upwardly revised gain of 0.3% in the prior month. July’s upbeat figures suggested that the economy kept gaining momentum in the Q3 amid higher confidence in the country’s economic outlook. Meanwhile, the Federal Reserve became less likely to delay the next interest rate increase until 2018.
