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Euro Stays Subdued Against Dollar; ECB Awaited

Published on Mar 05, 2024 17:27

Euro pared some of its intraday losses but continues to stay pressured amid a modest rebound in dollar overseas. The dollar index that measures the greenback against a basket of currencies is quoting at 103.84, up 0.05% on the day with focus on upcoming Nonfarm Payrolls report and Federal Reserve Chair Jerome Powell`s congressional testimony. EURUSD is currently quoting at $1.0857, down marginally on the day. Data from Euro zone showed industrial producer prices decreased by 0.9% on monthly basis in January in both the euro area and the EU, according to estimates from Eurostat. Meanwhile, seasonally adjusted HCOB Eurozone Composite PMI Output Index, a weighted average of the HCOB Manufacturing PMI Output Index and the HCOB Services PMI Business Activity Index, remained in sub-50.0 contraction territory in February. That said, having risen from 47.9 in January to an eight-month high of 49.2, the index signaled a near-stabilization of the euro area economy. HCOB Germany Services PMI Business Activity Index once again registered below the critical 50.0 mark that separates growth from contraction, as has been the case in every month since October last year. At 48.3, up from January`s 47.7, the latest reading indicated a modest rate of decline that was slightly slower than the month before. The pair now awaits ECB monetary policy due ahead this week. On the NSE, EURINR settled slightly lower at 90.05.

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