EURUSD EXTENDS GAINS FROM EIGHT-WEEK LOW BUT STAYS SHORT OF RECLAIMING $1.08 MARK; GERMAN INDUSTRIAL OUTPUT DOWN 1.6% IN DECEMBER

Published on Feb 07, 2024 14:32

EURUSD pair is seen extending gains from an eight week low on Wednesday amid a slight pullback in the greenback overseas. The counter however continues to stay short of reclaiming back $1.08 levels and the pair is currently quoting at $1.0779. Breaking the psychological level of $1.08 will be crucial for the counter to exert upward pressure. Meanwhile, European Central Bank (ECB) executive board member Isabel Schnabel said on Wednesday, �we must be patient and cautious as inflation can flare up again.� A separate data from German economic docket showed industrial output in the Eurozone�s top economy declined 1.6% on month in December as against the -0.4% expected and a 0.7% drop recorded in November. German Industrial Production tumbled at an annual rate of 3.0% in December versus November�s -4.8% slump. The EURINR futures pair on NSE are also following gains from the international counterpart and trading in positive region at 89.48, up 0.21% on the day.