The euro is seen steadying on Friday following European Central Bank (ECB) executive board member Isabel Schnabel comments that we must be cautious not to adjust policy stance prematurely. Monetary policy needs to remain restrictive until we can be confident that inflation will sustainably return to our medium-term target, she added. Euro is staying slightly short of reclaiming $1.08 mark but coming off three-month lows touched during the week. EURUSD is currently trading at $1.0779, down marginally on the day. The Dollar coming off recent peaks following weaker than expected US retail sales data capped downside in the single common currency. The dollar index that measures the greenback against a basket of currencies recovered some lost ground and was trading at 104.27 today after having fallen over half a percent yesterday. The 10-year benchmark treasury yields also dipped to around 4.22%.
Meanwhile, from Eurozone docket, German wholesale prices rose for the first time in four months in January, though they continued to fall compared to the same month last year mainly due to the decline in prices of mineral oil products. The wholesale price index rose 0.1 percent from the previous month after a revised 0.6 percent fall in December. This was the first monthly increase since September 2023, when wholesale prices rose 0.2 percent. On a year-on-year basis, wholesale prices fell 2.7 percent following a 2.6 percent decline in December. Prices decreased for the tenth month in a row. Meanwhile, EURINR futures on NSE is quoting at 89.44, up 0.21% on the day.
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