Euro Stays Cautiously Lower Against Dollar; ECB Meeting Looms

Published on Sep 13, 2023 16:03

Euro is steadying around a three month low on Wednesday as greenback continues to stay supported tracking higher benchmark US treasury yields ahead of most awaited US inflation data that would provide further clarity over Federal rate stance. The dollar index continues to hover around a six month high at 104.43, keeping the major peers under pressure. Besides, the single common currency is also staying apprehensive ahead of ECB monetary meeting scheduled for Thursday. Further data from Eurozone showed industrial production dropped much more than expected in July. Industrial production in the 20 countries sharing the euro fell 1.1 per cent month-on-month in July for a 2.2 per cent year-on-year decline. EURUSD is currently quoting at $1.0733, marginally lower on the day. On the NSE, EURINR September futures contract gave up intraday gains and is trading at 89.16, up 0.17% on the day.