EURINR SEEKS TO RECLAIM HOLD OVER 91 MARK; ECB LAGARDE SPEECH AWAITED

Published on Nov 24, 2023 15:09

EURINR NSE front month futures are attempting to reclaim hold above 91 mark on Friday. The pair opened with a gap down at 90.83 taking cues from a modestly lower euro overnight following the release of ECB accounts and hit a high of 91.03 before currently quoting at 90.95, almost flat on the day. Members of the council highlighted that the uncertainty surrounding the economic outlook had increased compared with at the time of the September Governing Council meeting, also affecting the assessment of the appropriate monetary policy stance. They also agreed that the Governing Council should continue to stress its determination to set policy rates, through its future decisions, at sufficiently restrictive levels for as long as necessary to bring inflation back to target in a timely manner. Euro, however gained lost overnight momentum against the dollar and is trading higher by 0.28% at $1.0926. Thin trading volumes in greenback amid Thanksgiving Day holiday is also supporting gains in the EURUSD pair. Meanwhile, data from Euro block revealed German economy shrank 0.1% on quarterly basis although the Business Climate index improved to 87.3 in November, according to the IFO institute. Investors now await ECB Lagarde�s speech later today for further cues.