Euro Lacks Luster At Three-Month Low Amid Weak German Data; EURINR Falls Past 89.30 During Intraday Moves

Published on Sep 07, 2023 12:40

Euro is staying near the flat line at around three-month low on Thursday amid broad strength in dollar overseas that is hovering at a six month high. The dollar index is seen stuck near its recent highs amid expectations that interest rates will remain at higher levels for a longer time. US data showed the Institute for Supply Management (ISM)`s non-manufacturing PMI rose to 54.5 last month, the highest since February and up from 52.7 in July, fuelling concerns that inflation will remain sticky in the near-term, prompting the central bank to maintain higher interest rates if not a hike. Besides, on the Euro zone front, data showed Germany`s Industrial Production shrank 0.8% on month in July, versus 0.5% fall expected and 1.4% decline previous month. Annually, Germany`s Industrial Production declined 2.1% in July when compared to a 1.5% drop in June. EURUSD is currently quoting at $1.0726, down 0.06% on the day, On the NSE, EURINR September futures fell below previous close of 89.48 and hit the day`s low of 89.26 so far during the day. Currently, the pair was quoting at 89.30, down 0.20% on the day.