EURO LINGERS NEAR ONE-WEEK LOW AGAINST DOLLAR; FOMC IN FOCUS

Published on Mar 19, 2024 16:20

Euro is staying near a one-week low against the dollar on Tuesday as massive strength in greenback ahead of FOMC this week is adding pressure on peer currencies. US benchmark treasury yields at 4.3% and dollar index at 103.63 are marching forward as sticky inflation scenario in US as shown by recent data is reducing possibility of a near time rate cut. EURUSD pair is quoting at $1.0884, down 0.25% on the day. Data from Eurozone docket today showed German ZEW Economic Sentiment Index jumped from 19.9 in February to 31.7 in March. The market forecast a reading of 20.5. However, the Current Situation Index improved from -81.7 to -80.5 in the reported month, beating estimates of -82.0. The Eurozone ZEW Economic Sentiment Index came in at 33.5 in the same period, notably higher than the February reading of 25.0. The data surpassed the market expectations of 25.4. Meanwhile, on the NSE, EURINR futures are quoting at 90.08, down 0.35% on the day.