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EURUSD Maintains Stance Above $1.09 Mark; Eurozone Annual Inflation Eases

Published on Dec 19, 2023 17:22

The euro edged slightly lower in immediate reaction to Eurozone data that showed annual inflation rate in the Euro Area decreased to 2.4% in November, the lowest since July 2021, from 2.9% in October. Annual core inflation which excludes prices for energy, food, alcohol & tobacco, was confirmed at 3.6%, the lowest reading since April 2022. EURUSD pair is however retaining upward momentum to be trading at $1.0981,up 0.20% on the day. Meanwhile, the dollar index is lingering along the flat line as dovish remarks by Fed last week that led dollar lower was countered by a contrary view this week. Fed officials including President John Williams stated that it�s premature to talk about rate cuts although the Fed FOMC maintained a possible rate cut early next year. The dollar index that measures the greenback against a basket of currencies is trading at 102.15, largely unchanged on the day. On the NSE, EURINR futures are trading at 91.36, up 0.41% on the day.

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