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Euro Stays Supported By Dollar Weakness; German Final CPI Confirms At 4.5%

Published on Oct 11, 2023 12:51

The euro adds to recent gains on Wednesday supported by weakness in dollar overseas amid slide in treasury yields following dovish comments from Fed central bankers. EURUSD pair is trading at $1.0641, up 0.10% on the day and extending positive streak for the sixth day in a row. Several Fed policymakers reiterated reduced expectations for a further rate hike prompting sell-off in greenback. However, ongoing geo-political tensions in Middle East are seen adding to some safe haven bids in the global reserve currency. Currently, the counter is holding at 105.53, down marginally on the day. Meanwhile, German inflation data confirmed a sharp decline at 4.5% annually in September as compared to 6.1% previously. ECB Lagarde, in the meantime, stated in an interview that she is optimistic about meeting the target of bringing inflation back down to 2%. "The key ECB interest rates have reached levels that, if maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target", she said. On the NSE, EURINR October futures are staying in the green at 88.40, up 0.17%c on the day.

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