7 days ago
- Business
- Business Standard
Euro cautiously flat ahead of ECB decision; EURINR futures marginally up
The euro is holding just below one-month high against the dollar on Thursday morning in Asia with much anticipation of a rate cut in todays ECB rate decision after Eurozone inflation in May fell below the ECB target of 2% for the first time since September last year. Flash data from Eurostat showed that inflation eased to 1.9% in May while core inflation that strips out prices of energy, food, alcohol and tobacco, also slowed to 2.3% from 2.7%. EURUSD pair currently holds steady above $1.1400 but stays pressured amid dollar recovery overseas following a sharp slide in the previous session amid weak US data. Markets now await Thursdays US weekly jobless claims and Fridays closely watched nonfarm payrolls report. Besides, several FOMC members due to speak later in the global day will also be watched closely. Meanwhile, ECB President Christine Lagarde speech on the forward looking outlook and updated staff projections following decision will also be keenly awaited. On the NSE, EURINR futures pair opened at 98.20 and reduced gains thereafter to be currently trading near the days low at 98.10.
