EURUSD HOLDS ABOVE $1.08 MARK; EURO ZONE INFLATION CONFIRMS AT 2.9%

Published on Nov 17, 2023 16:12

The euro is seen easing from a two and half month top against the dollar on Friday but set for a weekly gain of 1.6%. The sharp gain during the week was on the back of dollar slump after easing inflation figures in US reduced bets of a future rate hike. EURUSD pair is currently quoting at $1.0878, up 0.08% on the day. Meanwhile, data showed inflation rate in the Euro Area was confirmed at 2.9% year-on-year in October, marking the lowest figure since July 2021 but still surpassing the ECB`s target of 2%, primarily driven by a decline in energy prices and a slowdown in food inflation. Meanwhile, the core rate, excluding volatile food and energy prices, also decreased to 4.2% in October, hitting its lowest level since July 2022. On a monthly basis, consumer prices rose by a marginal 0.1% in October, following a 0.3% increase in September. On the NSE, EURINR futures added 0.12% on the day to be trading at 90.45.