EUR/USD attempts to stabilize around three-month low amid firm economic cues

Euro is stabilizing around three-month lows as supportive economic cues are capping losses for the single pair. EUR/USD pair fell earlier this week amid an overwhelming surge in the US dollar owing to safe haven demand as tensions in Middle-East escalated. However, EUR/USD edged up from lows around 1.1540 and consolidated above 1.1600 mark. The pair is currently quoting at 1.1609, down 0.32% on the day but is looking steady after data showed that Eurozone private sector growth improved in February due to a faster rise in demand for goods and services. The HCOB Eurozone final composite output index rose to a three-month high of 51.9 in February, in line with flash estimate, from 51.3 in the previous month. The euro area unemployment rate also dropped slightly in January. The jobless rate fell to seasonally adjusted 6.1 percent from 6.2 percent in December. Meanwhile, on NSE, EUR/INR futures quote at 106.70, down 0.75% on the day after failing to sustain around 106.90 mark.

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