EURO STAYS WELL SUPPORTED ABOVE $1.0850; ECB LAGARDE SEES INCREASING SIGNS OF A BOTTOMING-OUT IN GROWTH

Published on Feb 27, 2024 10:55

Euro extended gains against the dollar in early Asia on Tuesday, holding well supported above $1.0850 mark. EURUSD is currently trading at $1.0863, up marginally on the day and eyeing critical data due this week for further clarity. Inflation data from major economies this week are awaited for guidance on the outlook for global interest rate moves. ECB President Christine Lagarde said in her plenary debate on the ECB Annual Report that restrictive monetary policy stance, the ensuing strong decline in headline inflation and firmly anchored longer-term inflation expectations act as a safeguard against a sustained wage-price spiral. There are increasing signs of a bottoming-out in growth and some forward-looking indicators point to a pick-up later this year, she further added. On the NSE, EURINR futures are trading marginally higher at 90.11, up 0.05% on the day.