Euro Turns Lower After Heavy Drop In German Industrial Production, EURINR Under 91 Mark

Published on Aug 07, 2023 12:34

A spirited rally in last session is failing to hold for Euro as a sustained array of weak economic releases is weighing on the sentiments. The EURUSD pair flipped back after a rebound to 1.1065 on Friday and extended losses today as the German industrial production dropped sharply than forecast in June, according to data released on Monday. Production fell by 1.5% compared with the previous month, the federal statistics office said on Monday. The ability of the US dollar index to hold on above 102 mark despite moderation in the nonfarm payrolls data in July also played a part in pulling the Euro lower. The single currently quotes at 1.1000, down 0.29% on the day. On the NSE, the EURINR futures are quoting at 90.97, up 0.20% on the day but witnessing consistent selling around 91.10 mark.