Euro Supported Amid Slightly Improving Economic Undertone, EURINR Nears 91 Mark In Intraday Moves

Published on Jul 31, 2023 16:57

Slightly improving economic undertone clubbed with moderation in inflationary outlook benefited the Euro today as the single currency stabilized around 1.1000 mark against the US dollar. The EURUSD pair had dipped to a near three week low in last session and is currently just holding above that mark. The euro area economy expanded mildly in the second quarter, flash estimate from Eurostat showed on Monday. Gross domestic product registered a sequential growth of 0.3 percent after remaining unchanged in the first quarter. Year-on-year, economic growth eased to 0.6 percent from 1.1 percent. Euro area annual inflation is expected to be 5.3% in July 2023, down from 5.5% in June according to a flash estimate from Eurostat, the statistical office of the European Union. The EURINR futures on the NSE are up 0.24% at 90.86 after approaching within touching distance of 91 mark in intraday moves.