Euro Stays Vulnerable Ahead Of ECB

Published on Oct 26, 2023 15:27

Euro is extending losses against the dollar and has dropped to a week`s low on Thursday ahead of ECB decision due later today. EURUSD is currently quoting at $1.0571, down 0.18% on the day. Persistent weakness in euro during the week has benefited gains in the dollar index in which euro comprises more than 50% weightage. Survey data showed that euro zone business activity took a surprise turn for the worse this month in a broad-based downturn across the region, suggesting the bloc may slip into recession. Meanwhile, dollar is tracking surge in US benchmark treasury yields ahead of US GDP and PCE data that would provide further clarity to policymakers ahead of FOMC scheduled next week. The dollar index is quoting at 106.53, up 0.16% on the day. On the NSE, EURINR futures are staying choppy through the day at 87.78, down 0.22% on the day.