Euro Pulls Back Against Dollar On Sluggish German Data; EURINR Hang Above 90 Mark

Published on Jul 07, 2023 14:13

Euro pulled back towards $1.09 after Germany`s industrial production posted a monthly fall of 0.2 percent in May in contrast to the 0.3 percent increase in April reiterating mounting concerns in Europe`s largest economy. The decline was largely driven by the sharp 13.1 percent fall in output of pharmaceutical products. Meanwhile, motor vehicles, trailers and semi-trailers logged a monthly growth of 4.9 percent. On a yearly basis, industrial production grew 0.7 percent, following a 1.7 percent rise in April. EURUSD is quoting at $1.0907, down 0.12% on the day. EURINR NSE futures pair is staying upbeat except for a brief pullback post the data. The pair however stayed well above 90 mark so far amid sharp weakness in the INR ahead of crucial data. Non-farm payrolls due later today continue to guide currencies as they are expected to shed some light on Fed`s possible future course of action. EURINR is currently trading at 90.12, up 0.27% on the day.