Euro Eyes Break Above $1.09 Mark; EURINR At 3-Week High

Euro is seen extending gains against the dollar on Thursday, scaling to a two and half week high and jumped to hit levels just short of reclaiming $1.09 mark. Strength in euro drove the dollar index sharply below 104 mark even as FOMC minutes yesterday showed policymakers were concerned about the risks of cutting interest rates too soon. Members agreed that they did not expect that it would be appropriate to reduce the target range until they have gained greater confidence that inflation is moving sustainably toward 2 percent. The dollar index was trading at 103.49 and EURUSD pair was quoting at $1.0875 after having hit a high of $1.0899. Eurozone Flash Services PMI increased to 50 in February 2024, the highest in seven months, compared to 48.4 in January and beating forecasts of 48.8 while Manufacturing PMI arrived at 46.1 in February, as against the expectation of 47.0 and the 46.6 seen in January. Meanwhile, German manufacturing PMI declined to 42.3 this month while Services PMI rose from 47.7 in January to 48.2 in February. Meanwhile, EURINR futures on NSE are trading higher by 0.43% on the day at 90.02.

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