EURUSD LANGUISHES NEAR ONE AND HALF MONTH LOW; GERMAN RETAIL SALES WEAKER THAN EXPECTED

Published on Jan 31, 2024 14:51

EURUSD tumbled lower on Wednesday tracking a rebound in greenback ahead of Fed�s FOMC meet outcome. US treasury yields hold above 4% and the dollar index that measures the greenback against a basket of currencies is trading at to 103.42, a near seven week high. EURUSD is currently quoting at $1.0850, down 0.16% on the day and at its lowest level in one and a half months. Moreover, weaker than expected economic data from Eurozone docket also weighed on the single common currency. German retail sales for December contracted 1.6% as against expectation for an expansion of 0.6%. Annual Retail Sales were down at a slower pace of 1.7% against 2.4% decline in November. On the NSE, EURINR fell 0.19% and is trading at 90.12.