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EURUSD Gathers Momentum Above $1.08 Mark; DXY Futures Reverse From 7-Week High

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Euro gathered momentum to an over one-week high above $1.08 mark on Thursday tracking weakness in greenback overseas. Dollar faced downward pressure and reversed from a near seven week high. The dollar index futures that measures the greenback against a basket of currencies was trading on the sidelines at 103.87 following mixed cues from Fed Powells speech and awaiting further cues from Fridays non-farm data. Moreover, positive economic data from Euro zone docket also propped up the single common currency. EURUSD gained 0.22% to $1.0892 on the day. Eurozone Services PMI rose to 51.5 in March from 50.2 in the previous month, revised higher from the preliminary estimate of 51.1. German Composite PMI was revised higher to 47.7 in March, up from a preliminary estimate of 47.4 and above February’s 46.3. On the NSE, EURINR futures are up 0.47% at 90.66.

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First Published: Apr 04 2024 | 4:33 PM IST



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