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Euro Snaps Upside Momentum As Dollar Revives; Euro zone ZEW Economic Sentiment Worsens

Published on Sep 12, 2023 14:55

The euro moved deeper into negative against the dollar on Tuesday amid mixed set of data from the Euro zone coupled with revival in dollar index following a mild correction in early trades. German ZEW figures showed that the Economic Sentiment Index slowed its pace of decline in September, arriving at -11.4 from -12.3 in August while beating the market expectation of -15.0. However, the Current Situation Index dropped sharply to -79.4 from -71.3 prior, missing estimates of -75.0. During the same period however, the Eurozone ZEW Economic Sentiment Index worsened to -8.9 from -5.5 recorded in August. Meanwhile, Germany`s wholesale prices fell for the fifth consecutive month by 2.7 percent from a year earlier in August of 2023, after a prior 2.8 percent drop in July. EURUSD is currently quoting at $1.0725, down 0.22% on the day and steadying near a three month low. Meanwhile, dollar index is seen advancing back awaiting crucial US inflation data that could provide further clarity over Federal future course of action. The dollar index is currently trading at 104.75, up 0.2% on the day. Meanwhile, on the NSE, EURINR September futures contract is seen sliding further into red, quoting at 89.03, down 0.17% on the day.

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