EURINR JUMP ABOVE 92 MARK; DOLLAR SULKING NEAR 15-MONTH LOWS

Published on Jul 14, 2023 17:18

EURINR jumped above 92 mark for the first time ever on Friday as improving risk sentiment globally supported the euro alongside most of the major currencies against the dollar. Meanwhile, the dollar was sulking near a 15-month low, below 100 mark breached in the previous session. Indication of cooling inflation following this week`s data releases reduced bets of an aggressive rate hike by the Fed. The Labor Department said yesterday its producer price index for final demand crept up by 0.1 percent in June after falling by a revised 0.4 percent in May. The report also said the annual rate of producer price growth slowed to just 0.1 percent in June from a revised 0.9 percent in May. This data comes on the back of moderating inflation and slower jobs growth in the US, adding to bets that the Fed will go easy on further rate hikes. Data from Euro zone today showed Germany`s wholesale prices posted the biggest fall in three years in June. Wholesale prices decreased 2.9 percent on a yearly basis in June, bigger than the 2.6 percent fall in May. The rate came in line with expectations. The annual fall was the biggest since June 2020. EURUSD was up 0.07% at $1.1267. On the NSE, EURINR futures gained 0.6% on the day and settled at 92.32.