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EURUSD Steady Around 1.1000 Ahead of German Data

Published on Dec 20, 2023 12:36

Euro is holding steady after decent gains in last session as the sustained pick up in risk appetite weighed on the US dollar and currency pairs focused on near term inflation dynamics. Eurozone inflation remained at year-on-year level of 2.4% in November. The inflation dipped 0.6% on a month-on-month basis. While Core inflation a reading that strips out the more volatile measures was at 3.6% year-on-year, falling from 4.2% in October. The downtick in inflation had a sobering effect on Euro in intraday moves but the single currency ended the session with a half a percent gain, edging up amid impressive gains in the European equities. The EURUSD pair currently quotes at 1.1000, down 0.17% as market is positing itself for German GfK Consumer Climate data and German PPI reading. On the NSE, EURINR is trading at 91.07, up marginally on the day after hitting a high of 91.25 in intraday moves.

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