EURUSD TRIES TO STABILIZE AFTER TESTING ONE WEEK LOW

Published on Dec 01, 2023 12:52

The Euro is trying to stabilize after a sharp drop in last session. The single currency dipped nearly 1% as tepid inflation readings weighed on the sentiments. Euro area annual inflation is expected to be 2.4% in November 2023, down from 2.9% in October according to a flash estimate from Eurostat, the statistical office of the European Union. However, the falling inflation clubbed with a decent performance in the labor markets is capping the losses for the Euro now. In October 2023, the euro area seasonally-adjusted unemployment rate was 6.5%, stable compared with September 2023 and down from 6.6% in October 2022. The EURUSD pair currently quotes at 1.0911, up 0.13% on the day and is holding just off one week low. Investors will now focus on ECB President Lagarde`s speech on Friday for fresh cues. Meanwhile, EURINR NSE futures pair is staying choppy through the day and currently quoting at 90.90, down 0.21% on the day.