EUR/USD off six-week high after ECB rate cut

EUR/USD pair is currently quoting at 1.1420, almost unchanged on the day. It came off a six-week high above 1.1500 yesterday after European Central Bank reduced its key interest rate by 25 basis points to 2% - its lowest level since early 2023. On the NSE, EUR/INR futures are quoting at 98.09, down marginally on the day after hitting 98.50 mark in early moves. Meanwhile, German industrial output declined 1.4% month-on-month in April, in contrast to the 2.3% increase in March, marking the biggest fall since December.

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