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Euro Fails To Hold Above $1.10; EURINR Gives Up Day`s High

Published on Jul 10, 2023 17:12

Euro failed to hold above $1.10 mark and fell below the levels today as dollar reversed Friday`s sharp plunge and recovered back. Greenback slumped following data that showed U.S. labor market added the fewest jobs in 2-1/2 years in June. The Labor Department also said that 110,000 fewer jobs were created in April and May combined than earlier reported, adding to doubts over strength of US labor market and investors being skeptical of Federal rate hike trajectory. The dollar index that measures the greenback against a basket of currencies rebounded above 102 mark today. EURUSD is staying on the sidelines awaiting further clarity on Federal stance likely to be provided by this week`s US inflation data. The pair is quoting at $1.0995. Data from Euro zone showed the sentix economic index for the Eurozone fell for the third time in a row in July. At -22.5 points, it is at its lowest level since November 2022. Meanwhile, EURINR gave up day`s high but ended in the green region for the day. The pair was last seen at 90.52, up 0.36% but off intraday high of 90.71.

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