EURUSD Gains Slightly Ahead Of European Central Bank President Christine Lagarde`s Speech

Published on Jan 19, 2024 15:18

Euro edged up briefly from a one month low today, rising above 1.0900 mark against the US dollar but overall sentiments remained tentative. Markets also eyed European Central Bank President Christine Lagarde`s speech in Davos today and what comments she makes on the inflation and economic growth. EURUSD edged up after data showing that producer prices of industrial products in Germany were 8.6 % lower in December 2023 than in December 2022. In November 2023, the year-on-year change rate was -7.9 %. However, producer prices in December 2023 dropped by 1.2% from November 2023. On an annual average basis, industrial producer prices were 2.4 % lower in 2023 than in 2022. The US dollar index is marginally lower at 103.16 while major equity indices in Germany and France are off to a modestly positive start. On the NSE, EURINR futures are quoting at 90.45, down 0.16% on the day. A brief rally to 90.60 mark failed to sustain for the pair though modest gains in EURUSD are capping the downside.