Euro slides to three-month low, undertone sluggish ahead of PMI data

Euro extended losses, falling to three-month low against the US dollar. The single currency has endured sustained weakness after the European Central Bank kept its key interest rates unchanged for a third policy meeting in a row. The Governing Council, led by ECB President Christine Lagarde, held the deposit rate steady at 2.00 percent. Eurozone manufacturing purchasing managers index or PMI data is due now and further clarity will emerge about the near-term economic prospects for the region once it is out. Data out on Friday showed that Euro area annual inflation is expected to be 2.1% in October 2025, down from 2.2% in September. However, services inflation is expected to have the highest annual rate in October (3.4%, compared with 3.2% in September), followed by food, alcohol & tobacco (2.5%, compared with 3.0% in September). Meanwhile, EUR/USD pair is currently quoting at 1.1544, down marginally on the day. On NSE, EUR/INR futures neared 102.80 mark before easing and are trading at 102.56, down 0.35% on the day.

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