Euro Lacks Direction Ahead Of ECB; German Ifo Business Confidence Weakens

Published on Jan 25, 2024 15:01

Euro is staying near the flat line around $1.09 levels on Thursday awaiting direction from crucial ECB policy later today. The single common currency further lost momentum following German Ifo business climate data that fell for a second consecutive month to 85.2 in January 2024, down from a revised 86.3 seen in the previous month and falling short of the market consensus of 86.7. Meanwhile, a bounce back in dollar above 103 mark alongside rise in benchmark treasury yields at around six-week highs of 4.16% ahead of US GDP and PCE data due for the week is adding some pressure on EURUSD. The pair is currently quoting at $1.0917, marginally up on the day. On the NSE, EURINR futures pair is trading at 90.58, down 0.05% on the day.