Euro Finds Good Support At $1.09; EURINR Hovers Around 89.50

Published on Jul 04, 2023 14:47

Euro is finding strong support at $1.09 levels on Tuesday even as the pair continues to linger in the negative region tracking small gains in the greenback. Anticipation of further interest rate hikes by ECB is seen keeping the currency floating above the level. However, future possible course of action by Fed is also closely awaited. EURUSD is quoting at $1.0937, down 0.15% on the day. Meanwhile, data today showed falling demand for German goods as fell in May, suggesting a gloomier outlook for Europe`s biggest economy. Exports decreased 0.1 percent on month in May, reversing a 1.0 percent gain in April. At the same time, imports rebounded 1.7 percent after a 0.1 percent drop. As a result, the trade surplus unexpectedly declined to EUR 14.4 billion from EUR 16.5 billion in April. On a yearly basis, the decline in exports deepened to 4.0 percent from 1.7 percent. EURINR pair on the NSE futures is seen choppy today although the counter is attempting to stay in the green. The pair is quoting at 89.50, up 0.07% as compared to previous close at 89.43, but off today`s high of 89.56.