EURUSD Stay Sluggishly Below $1.08 As DXY Regains Momentum Above 104 Mark

Published on Feb 12, 2024 15:47

Euro slipped back below 1.08 mark against the greenback as dollar index regained momentum above 104 mark by European trading hours. EURUSD earlier in the day hit a high of $1.0821 and is currently quoting lower by 0.12% at $1.0785. Uncertainty over the likely timing and pace of interest rate cuts by the Federal Reserve (Fed) is keeping the dollar index on the defensive below a two and half month high touched last week. Meanwhile, large currency speculators net long positions in the Euro futures market dropped lower through February 06, 2024 and registered a weekly decline of 26618 net contracts taking net long position to its lowest level in over 15 months. On the NSE, EURINR was trading at 89.54, down marginally on the day.