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Euro Stays Dull Near Three-Week Low Against Firm Dollar; EURINR Down Half A Percent

Published on Aug 01, 2023 14:40

Euro continues to stay dull at a three week low against the dollar on Tuesday, alternating below $1.10 mark. Strength in the dollar index is seen keeping the single common currency under stress. The dollar index that measures the greenback against a basket of currencies is hovering at a three-week high, fast approaching 102 mark. EURUSD is quoting at $1.10, down 0.2% on the day, hitting an intraday low of $1.099. However, both the currencies are closely watching upcoming data as the respective central banks have stated a data dependent approach to further policy decisions. Data today showed Germany`s unemployment dropped unexpectedly in July with jobless rate down slightly to 5.6 percent, while the rate was forecast to remain unchanged at 5.7 percent. The final Manufacturing Purchasing Managers` Index (PMI) figures in Germany and the broader euro area fell in line with the preliminary readings at 38.8 and 42.7, respectively, for the month of July. Meanwhile, US closely awaits ISM manufacturing PMI, S&P final manufacturing PMI and construction spending later today. On the NSE, EURINR August futures are loitering deep in red and are down almost half a percent on the day at 90.44.

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