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Euro Dips Back Into Red After A Brief Gain; EURINR Range Bound

Published on Aug 04, 2023 14:52

Euro gave up small gains made earlier in the day and is staying largely flat against the dollar during European market hours. Dollar reversed stand following a brief pull back during Asian trades today and amid cautiousness ahead of non-farms data due later in the day. The dollar index, that measures the greenback against a basket of currencies is quoting at 102.40 following a brief pause earlier in the day. Meanwhile, from the Eurozone, Germany`s construction sector shrank sharply at the start of the third quarter, with the HCOB construction Purchasing Managers` Index down to 41.0 in July from 41.4 in June. This was the lowest score since February 2021. Factory orders unexpectedly rebounded in June with new orders were up 7.0 percent on a monthly basis, faster than the revised 6.2 percent rise in May. EURINR futures on the NSE were up 0.15% at 90.74 and are staying in a tight range amid lack of cues.

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