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Euro Clings To $1.08 Levels; German GfK Consumer Confidence Continues To Fall

Published on Aug 29, 2023 13:20

Euro clings on to $1.08 levels on Tuesday tracking weakness in the dollar overseas that is trading under 104 mark amid improving risk appetite and as equities stay well supported this week. The greenback is now cautiously awaiting US jobs report, PCE price index, ISM manufacturing due this week that could influence the interest rate outlook. The dollar index is currently quoting at 103.86, down 0.13% on the day. Euro slipped in immediate reaction to deteriorating German data but still manages to hold at $1.0839, up 0.16% on the day. German consumer sentiment is expected to deteriorate next month amid high inflation, according to a survey released on Tuesday by market research group GfK. GfK`s forward-looking consumer sentiment index for September fell to -25.5 from -24.6 in August, coming in below consensus expectations for a reading of -24.3. The survey showed that income expectations suffered another small setback in August, with the index down 6.4 points from July to -11.5. Meanwhile, the index for the propensity to buy declined 2.7 points to -17 points. On the NSE, EURINR August futures are trading at 89.65, up 0.11% on the day.

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