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EURINR Under 89 Mark, German Industrial Output Slides Further

Published on Sep 08, 2023 15:03

The Euro edged up a bit against the US dollar today but remained cautious after testing a three month low in last session. The single currency has been hurt by tepid economic outlook in recent days and has slumped around 2% so far this month. The EURUSD pair moved up above 1.0730 mark today but failed to extend these gains following a tepid German economic reading. German industrial production fell again in July as manufacturing in Europe`s largest economy continued to struggle. Production fell by 0.8% in July compared to the previous month. On a three-month comparison, production between May and July was 1.9% lower than in the previous three months. The EURUSD currently quotes at 1.0707, almost unchanged on the day. The NSE EURINR futures are quoting at 88.97, down 0.34% on the day. A break under 89.30 mark in morning trades led to accelerated fall in the counter today.

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