EURUSD STEADIES NEAR ONE AND HALF MONTH LOW; GERMAN ECONOMY ENTERS TECHNICAL RECESSION

Published on Jan 30, 2024 14:51

Euro is staying largely steady on Tuesday even as data showed that German economy entered a technical recession, shrinking 0.3% over the quarter in the final quarter of 2023, as against the -0.1% recorded in Q3, according to the preliminary data published by Destatis on Tuesday. The annual GDP rate declined by 0.2% in Q4 when compared to the third quarter�s -0.4%. The pair now awaits Euro zone GDP data in store later in the day. Meanwhile, investors focus is now glued to Fed�s FOMC this week to gather further clarity on direction for the pair. EURUSD is currently quoting at $1.0839, almost flat on the day. Meanwhile, EURINR from month futures pair is trading on the NSE at 90.13, marginally lower on the day.