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Euro Ticks Higher Against Dollar; Eyes On Powell Testimony

Published on Mar 06, 2024 14:31

Euro registered a minor uptick on Wednesday reflecting slight decline in dollar overseas as investors keenly await further clarity from Powell�s speech at the congressional testimony later today. Moreover, Euro advanced as Germany�s trade surplus comes out much higher than expected. Trade Balance rose to �27.8 billion in January, beating estimates of �21.5 billion and the previous surplus of �23.3 billion, data showed. EURUSD pair is trading currently at $1.0872, up 0.12% on the day as dollar index lost some ground to 103.64.The greenback was subdued following yesterday�s data US economic data that came in softer than expected. All eyes are now fixed on Powell�s testimony. From the Euro zone, the HCOB Construction PMI Total Activity Index � a seasonally adjusted index tracking monthly changes in total industry activity � rose from 41.3 in January to 42.9 in February, to signal a softer yet still marked decline in eurozone construction activity. German construction sector also remained firmly in contraction territory midway through the opening quarter of the year. Germany Construction PMI Total Activity Index � a seasonally adjusted index tracking changes in total industry activity � ticked up to a five-month high of 39.1 in February, from January�s 36.3. Meanwhile, ECB monetary policy decision tomorrow will also guide the pair onward. On the NSE, EURINR futures were trading higher by 0.15% at 90.19.

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