EURINR Stays Under Pressure; German Data Disappoints

Published on Jul 25, 2023 17:30

Euro extended decline against the dollar on Tuesday after data from Germany worsened sentiment for the single European currency. German business confidence deteriorated for the third straight month in July, a monthly survey conducted by the ifo institute showed today. The business climate index fell to 87.3 in July from 88.6 in the previous month. The current situation indicator posted 91.3 in July compared to 93.7 a month ago. The expectations index dropped moderately to 83.5 from 83.8 in June. Besides, good recovery in the dollar overseas ahead of FOMC decision this week is also weighing on the euro. EURUSD futures are currently quoting at $1.1078, down 0.22% on the day. On the NSE, EURINR futures are down 0.36% for the day at 90.48.