EURO NEAR ONE-MONTH LOW AGAINST DOLLAR; GERMAN RETAIL SALES DISAPPOINTS

Published on Mar 28, 2024 16:34

Euro fell to near one-month low on Thursday tracking massive gains in greenback coupled with weaker than expected German retail sales that added to further concerns regarding health of the economy. Germany`s retail sales dropped 1.9% from January. On a yearly basis, retail sales decreased 2.7% in real terms. Data showed that Food sales were down 1.7% from the previous month and non-food retailing drifted lower by 1%. Meanwhile, dollar index is staying put just above 104 mark on Thursday awaiting further cues from crucial data ahead. Investors are cautiously awaiting the upcoming US PCE price index report, a key inflation gauge for the Federal Reserve, which could impact monetary policy outlook. Fed Governor Christopher Waller said on Wednesday that the central bank could hold off on cutting interest rates amid strong inflation data. Fed�s Christopher Waller said that there is no rush to cut the policy rate based on additional economic data over the past month that has reinforced this view. EURUSD is quoting at $1.0824, its lowest level since the beginning of the month. On the NSE, EURINR futures settled lower by 0.29% at 90.15.