Euro records smashing gains, nears two and half month high against US dollar

Euro has surged this week and is currently holding near 1.1800 mark against the US dollar. EUR/USD pair broke through the after the Federal Reserve announced its widely expected decision to cut interest rates by another quarter point, following the rate cuts seen in September and October. The Fed said it decided to lower the target range for the federal funds rate by 25 basis points to 3.50 to 3.75 percent. EUR/USD pair is quoting at 1.1800, almost on the day and hitting two and month high. EUR/USD has been steadily rising in last few days amid mostly supportive economic cues. Eurogroup finance ministers will discuss support for Ukraine and use of frozen Russian assets during a two-day visit in Brussels, which includes meetings of the Economic and Financial Affairs Council (ECOFIN) and the Eurogroup. On NSE, EUR/INR futures are quoting at 106.28, up 0.31% on the day.

Powered by Capital Market - Live News