EURO SOARS BY AROUND 1% AGAINST DOLLAR; EURINR FUTURES CLIMB TO 88.65

Published on Nov 02, 2023 17:25

Euro is soaring by nearly 1% against the dollar on Thursday, recovering well above $1.06 mark, largely on the back of dollar weakness overseas. Indications from the Fed that end of the rate cycle is near triggered a sell-off in dollar. The dollar index lost momentum and stayed lower by over half a percent as Fed kept interest rates steady for the second time although the central bank left the door open to further monetary tightening amid persistently high inflation. Easing treasury yields currency off recent highs at 4.7% also led dollar lower. EURUSD is quoting at $1.0653, up 0.86% on the day. Data from Eurozone showed Manufacturing PMI, compiled by S&P Global, fell to a three-month low of 43.1 in October, down from 43.4 in September and indicative of a further marked deterioration in the health of the euro area�s goods-producing sector. German Manufacturing PMI also remained firmly below the 50.0 no-change threshold in October, at 40.8. Meanwhile, on the NSE, EURINR futures climbed all through the day and settled at 88.65, up 0.70% on the day.