EURUSD Lingers At Three-Month Low; Downbeat German Factory Orders Weigh

Published on Sep 06, 2023 12:36

Euro is trading at a three month low against the dollar on Wednesday although the pair is managing to hold around $1.07 levels. The dollar index hovering at a six month peak is also keeping the European currency pressured although a mild pullback in early Asia benefited the euro to hold on from falling further. The pair is currently quoting at $1.0737, up 0.07% on the day. The European currency fell against the dollar in immediate reaction to downbeat German factory orders data today that plunged the most since June 2020. German factory orders tumbled by 11.7% on the month in July following a revised 7.6% jump in June, and versus expectations of a 4% decline. On the year, factory orders were down 10.5% in July following a revised 3.3% increase in June. On the NSE, EURINR September futures contract is trading at 89.35, up marginally on the day.