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Euro Recovers From One And Half Month Low Against Dollar

Published on Feb 02, 2024 16:28

Euro recovered against the dollar alongside other major pairs owing to slight pull back in the dollar index ahead of much awaited non-farms data. The greenback also followed benchmark US Treasury bond yields lower. The 10-year benchmark bond yields are trading below 4% while dollar index has also given up recent highs and are currently quoting at 102.82. EURUSD is trading at $1.0905, and coming off a one and half month low seen earlier this week. Data yesterday showed euro area manufacturing downturn slowed in January on softer decreases in factory output and new orders. The HCOB manufacturing Purchasing Managers` Index rose to 46.6 in January from 44.4 in December. This was the highest reading in ten months. Meanwhile, EURINR on NSE futures have also recorded good rebound and are quoting at 90.38, up 0.63% on the day.

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