Euro surges from six-week low, IMF ups Eurozone growth estimate

Euro has surged after recent losses after Eurozone inflation eased more than initially estimated in December. Final data from Eurostat showed on Monday that the harmonized index of consumer prices rose by revised 1.9% year-on-year following an increase of 2.1% in each of the previous two months. Core inflation, which excludes prices of energy and fresh food, also slowed to 2.3%. This capped the downside for EUR/USD pair after it tested around six-week low of 1.1600. The pair moved up impressively and currently quotes at 1.1695, up 0.58% on the day. The US dollar index has slipped well under 99 mark. Meanwhile, the IMF has said it expects Eurozone to grow at 1.3% in 2026, up from the 1.1% expansion forecast last October. On NSE, EUR/INR futures are quoting at 106.20, up 0.36% on the day.

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