EURO EDGES LOWER BUT STAYS SUPPORTED ABOVE $1.100; EURINR IN NEGATIVE ZONE

Published on Jan 02, 2024 15:10

Euro drifts lower on the first trading day of 2024 as dollar gathers some momentum awaiting clarity for direction. The greenback edged higher since last week of December amid low volumes and lack of data. For the week, the investors are going to keep a close watch on the Federal Open Market Committee (FOMC) minutes ahead of the US Nonfarm Payrolls (NFP) report on Friday. Currently, the dollar index is quoting at 101.11. EURUSD is seen trading marginally lower at $1.1071, but holding above the psychological 1.100 mark. For 2023, the pair ended with almost 3% gains. In the Eurozone docket, the HCOB Germany Manufacturing PMI was revised slightly higher to 43.3 in December 2023 from a preliminary of 43.1, and compared to 42.6 in November. Eurozone Manufacturing PMI increased slightly to 44.4 in December, surpassing preliminary estimates of 44.2. However, the sector remained in contraction, with output and job losses continuing for the seventh consecutive month. On the NSE, EURINR January futures contract is trading in negative terrain at 92.02, down 0.11%.