Euro Extends Downside As DXY Tops One-Month High; EURINR In Negative Terrain

Published on Jan 16, 2024 15:57

Euro is extending downward pressure near a one-month low against the dollar on Tuesday as the US dollar staged a sharp rebound towards the next psychological 103 mark. EURUSD is currently quoting at $1.0914, down 0.64% on the day. Reduced expectation of a Federal rate cut anytime soon coupled with safe haven demand amid geo-political tensions is keeping the global currency supported. The dollar index that measures the greenback against a basket of currencies is hovering at a one-month high and quoting at 102.95, up 0.78% on the day. This week the US will release Retail Sales figures from December and the Fed�s Beige Book. Meanwhile from the Eurozone docket, German ZEW Economic Sentiment Index improved further to 15.2 in January from 12.8 in December. The market forecast was 12.0. However, the Current Situation Index dropped to -77.3 from -77.1 prior, missing estimates of -77.0. The Eurozone ZEW Economic Sentiment Index came in at 22.7 in the same period, as against the December reading of 23.0. The data exceeded expectations of 21.9. On the NSE, EURINR futures slipped by 0.28% on the day at 90.53.