Euro Weakens Against Dollar On Downbeat German Ifo Data; EURINR Down Half A Percent During Intraday Moves

Published on Aug 25, 2023 14:39

EURUSD slipped lower on Friday and is trading at a fresh two and half month low after data showed that mood in the German executive floors has deteriorated further. The ifo business climate index fell to 85.7 points in August after 87.4 points in July. This is the fourth decline in a row. The assessment of the current business situation fell to its lowest level since August 2020. In addition, companies are more pessimistic about the coming months. The dry spell of the German economy is getting longer. EURUSD pair fell below $1.08 levels and is currently quoting at $1.0795, down 0.24% on the day. Meanwhile, robust strength in dollar overseas also added pressure on the common currency. The dollar index that measures the greenback against a basket of currencies climbed above 104 mark today amid concerns about the outlook for interest rates ahead of the economic symposium in Jackson Hole, Wyoming. Meanwhile, data on Thursday showed the number of Americans filing new claims for unemployment benefits fell last week, as labor market conditions remained tight despite the Fed`s aggressive interest rate hikes, further supporting the greenback. The dollar index was quoting at 104.12, up 0.19% on the day. On the NSE, EURINR August futures pair is down half a percent at 89.19 after hitting an intraday low of 89.04.