Euro stays cautious ahead of retail sales data; EUR/INR futures lose momentum

EUR/USD pulled back slightly on Thursday after hitting over one-month high in the previous session. The single common currency climbed higher against the dollar on Wednesday after the Eurozone HCOB Services Purchasing Managers' Index reported that the sector's activity grew at its fastest pace in more than two years, with manufacturing data in France and Germany, the region's leading economies. Meanwhile sustained weakness in dollar overseas is also supporting the pair which is currently quoting at $1.1684. Investors now shift focus to the Eurozone Retail Sales and US Initial Jobless Claims figures, due later in the day. Meanwhile, HCOB Eurozone Construction PMI Total Activity Index a seasonally adjusted index tracking monthly changes in total industry activity posted 45.4 in November, rising from 44.0 in October. The latest figure signalled that activity continued to fall sharply despite the rate of contraction softening, and the index has now registered below the neutral 50.0 threshold in each of the last 43 months. On the NSE, EUR/INR futures lost momentum to trade at 105.24, down 0.16% on the day.

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