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Euro Gains Traction Against Dollar Ahead Of US Data; EURINR In Positive

Published on Feb 29, 2024 15:53

Euro gained traction during European session on Thursday as dollar turned lower ahead of crucial US PCE data due later today. The US inflation gauge report is likely to provide some clarity on Federal future course of action. The dollar index that measures the greenback against a basket of currencies was quoting at 103.71, down 0.19% on the day. US data yesterday showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2023, raising optimism the Fed can cut rates sooner. US GDP for the final quarter of 2023 was reported at 3.2% on year, slightly below the preliminary estimate of 3.3%. EURUSD is quoting at $1.0859, up 0.16% on the day. Meanwhile, from the Eurozone docket, Germany`s retail sales unexpectedly declined in January, data published by Destatis showed on Thursday. Retail sales decreased 0.4 percent in January from the previous month, confounding expectations for an increase of 0.5 percent. Food retail sales gained 1.1 percent on month, while non-food retail stagnated in January. On a yearly basis, retail sales were down 1.4 percent, data showed. Sales were forecast to decline 1.5 percent. Meanwhile, on the NSE, EURINR futures were trading at 90.10, up 0.30% on the day.

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