Euro At One-Month Low Below $1.09 Mark

Published on Jan 17, 2024 16:50

Euro fell below $1.09 mark to a one-month low on Wednesday as dollar gained impetus amid safe haven demand and reduced expectations of a Federal rate cut anytime soon. US benchmark treasury yields surging above 4% also dragged dollar higher. Fed�s Christopher Waller stated in a speech yesterday that the timing and number of rate cuts will be driven by the incoming data. When the time is right to begin lowering rates, I believe it can and should be lowered methodically and carefully, he added. The dollar index that measures the greenback against a basket of currencies is currently quoting at 103.17, up 0.05% on the day. EURUSD was quoting at $1.0899, down marginally on the day. Data from Eurozone docket shows inflation in December rose by 2.9% year-on-year, less than the 3% expected, ending a seven-month decline streak. On a monthly basis, consumer prices increased by 0.2% in December, following a 0.6% drop in November. Core inflation, excluding energy and food, hit 3.4%. November`s PPI fell by 0.3%, with a significant yearly drop of 8.8%. On the NSE, EURINR futures settled at 90.49.