Euro Holds Well Above $1.05 Mark As Dollar Lacks Luster Ahead Of Payroll Data; Decent Gains In EURINR Futures

Published on Oct 06, 2023 15:21

Euro is staying mostly flat against the dollar during the European session on Friday after extending recovery in the last couple of days. EURUSD is clinging to $1.05 levels as dollar pulled back slightly this week from its recent highs following US benchmark treasury yields as mixed set of data reduced expectations that Fed would keep interest rates high for longer period of time. The dollar index was off 11-month high but stayed buoyed above 106 mark awaiting the crucial non-farm payroll data for clarity on Federal stance. On the data front, German factory orders rebounded at a stronger-than-expected pace in August reflecting the robust expansion in demand for computing, electronic and optical products. Factory orders registered a monthly growth of 3.9 percent, in contrast to the 11.3 percent decrease in July, Destatis reported Friday. Year-on-year, the decline in manufacturing orders slowed to 4.2 percent from 10.1 percent in July, data showed. On the NSE, EURINR October futures extended gains through the day to be currently trading at 88.03, up 0.33% on the day.