Euro Attempts To Hold To $1.08 Mark Despite Downbeat Eurozone Data; EURINR Down Almost Half A Percent

Published on Sep 04, 2023 14:53

Euro is attempting to hold on to $1.08 levels after a brief dip below the mark on Friday as dollar surged on the back of better than expected economic data. A small pullback in dollar on Monday after a spike over the weekend is seen supporting gains in the single common currency. The dollar index that measures the greenback against a basket of currencies climbed to 104.26 on Friday on improved data from the US. The latest US jobs report showed the US unemployment rate unexpectedly rose to 3.8% in August, the highest since February 2022 and above market expectations of 3.5%. Meanwhile, the economy added 187,000 jobs last month, exceeding forecasts of 170,000. The ISM said its manufacturing PMI rose to 47.6 in August from 46.4 in July, although a reading below 50 still indicates a contraction. Currently, EURUSD is trading at $1.0801, up 0.14% on the day. Euro is attempting to hold above the level even as Eurozone Sentix Investor Confidence Index fell to -21.5 in September from -18.9 in August. The Expectations Index in the Eurozone also dropped to -21.0 points, from -17.3 in the previous month. The Current Situation Index declined to -22.0 points, its lowest level since November 2022. Germany`s trade surplus shrank to �15.9B in July. Meanwhile on the NSE, EURINR September futures pair is quoting down almost half a percent at 89.46.