Euro Bounces Off Intraday Lows And Approaches $1.06 Mark; Improving ZEW Economic Sentiment Index Supports

Published on Oct 17, 2023 16:15

Euro climbed into positive terrain during European hours on Tuesday following data from the Euro zone that signalled improvement in consumer sentiment across Euro zone and Germany. The German ZEW headline number showed that the Economic Sentiment Index improved sharply in October, arriving at -1.1 from -11.4 in September while beating the market expectation of -9. However, the Current Situation Index edged a tad higher to -79.9 from -79.4 prior, beating estimates of -80.5. During the same period, the Eurozone ZEW Economic Sentiment Index rebounded to 2.3 in October from -8.9 recorded in September. The market consensus was for a reading of -8. EURUSD is quoting at $1.0584, marginally up on the day but cutting intraday losses. On the NSE, EURINR futures also recovered to 87.89, up 0.13% on the day.