EURO SPIKES TOWARDS $1.08 AS GERMAN INVESTOR SENTIMENT IMPROVES; EURINR FUTURES RECLAIM 90 MARK

Published on Dec 12, 2023 15:58

The euro spiked to hit a high of $1.08 in immediate reaction to Eurozone data that showed unexpected improvement in German economic sentiment. German ZEW Economic Sentiment Index came in at 12.8 in December from 9.8 in November. However, the Current Situation Index dropped to -77.1 from -79.8 prior, missing estimates of -75.5. During the same period, the Eurozone ZEW Economic Sentiment Index jumped to 23.0, compared to a 13.8 figure registered in November. EURUSD advanced sharply post data and is currently quoting at $1.0797, up 0.30% on the day. Focus now shifts to US inflation data due later in the global day that could provide clarity on Federal stance on interest rates. On the NSE, EURINR futures accelerated gains to reclaim 90 mark. The pair is quoting at $90.13, up 0.25% on the day.