Euro Struggles At Three-Week Low Against Dollar; EURINR Marginally Up For The Day

Published on Jul 06, 2023 14:12

Euro extends drop against dollar on Thursday after minutes revealed a hawkish tone. Minutes of the Fed revealed that most members thought further hikes are on the way while agreeing that holding the target range steady at this meeting allowed the Committee to assess additional information and its implications for monetary policy. US benchmark bond yields stayed firm above 3.9% dragging dollar higher. The dollar index that measures the greenback against a basket of major currencies climbed above 103 mark. EURUSD stayed battered at three-week low at $1.0894 despite upbeat German factory orders. Factory orders advanced 6.4 percent on a monthly basis in May, following a 0.2 percent rise in April, data published by Destatis revealed on Thursday. Meanwhile, on the NSE EURINR futures edged up after a dismal start to the day and are currently quoting at 89.64, marginally up on the day. The pair hit a high of 89.80 after commencing the day lower at 89.46.