EURUSD Lingers Below $1.09 Levels; German Producer Prices Fall

Published on Aug 21, 2023 14:07

EURUSD gave up gains after modestly edging touching $1.09 levels earlier in the day on the back of slight pullback in dollar overseas. The dollar index was cautious although it continues to hold well above 103 mark ahead of Federal Reserve Chair Jerome Powell`s address at the central bank`s annual symposium in Jackson Hole, Wyoming later this week. Euro witnessed a dip against the dollar on Monday after data showed German producer prices fell much more than expected. German producer prices decreased more than expected on year in July, their first fall in over two-and-a-half years, as easing energy price pressures added to hopes that inflation in Europe`s largest economy could abate further. July producer prices were down 6.0% compared with the same month last year. On the month, producer prices were down 1.1%. EURUSD was quoting at $1.0899, lingering at one and half month low. On the NSE, EURINR August futures were trading higher by 0.2% at 90.55.