Euro Cautiously Recovers From 2-Month Lows With $1.08 Mark In Sight

Published on Feb 08, 2024 15:11

Euro is seen dragging along the no change line against the dollar amid lack of data that could provide any major cues to the counter. EURUSD pair is cautiously recovering from near two-month lows but stays short of reclaiming back $1.08 levels. Euro zone�s economic bulletin also failed to trigger any sharp movements in the pair that is quoting near the flat line at $1.0794. The Governing Council in the Bulletin stated that it is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. Based on its current assessment, the Governing Council considers that the key ECB interest rates are at levels that, maintained for a sufficiently long duration, will make a substantial contribution to this goal. The Governing Council�s future decisions will ensure that its policy rates will be set at sufficiently restrictive levels for as long as necessary. Meanwhile, on the NSE, EURINR is trading at 89.58, up 0.08% on the day.