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Euro Lingers At Six-Month Lows Amid Strength In Greenback; EURINR Slides Further

Published on Sep 27, 2023 13:30

Euro is seen extending decline around a six-month low against the dollar on Wednesday. EURUSD pair is trading below $1.07 mark for the fifth day in a row amid a robust dollar overseas. The dollar index holding near a 10-month high approaching 106 mark is seen weighing on other major peers. Euro having the highest weigh in the index is hammered persistently in the last few days. The US Fed`s latest meeting, where it kept interest rates steady but hinted at another hike this year and fewer cuts in 2024, has boosted the US currency as markets looked at the possibility of the US interest rates staying at record highs for a prolonged period. The US 10 year bond yields have been surpassing 4.5% to approach 16 month highs. EURUSD is currently quoting at $1.0606, almost flat on the day. Data from Eurozone showed GfK Consumer Climate Indicator for Germany weakened to -26.5 heading into October from a revised -25.6 in September, missing market forecast of -26.0. It is the lowest reading since April as the propensity to save climbed to hit its highest level since April 2011. Meanwhile, on the NSE, EURINR October futures are trading lower by 0.30% at 88.23 amid choppy moves.

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