EUR/USD extends gains, tests four and half year high above 1.2000

Euro bounced impressively today, breaking above 1.2000 mark to hit a four and half year high as markets eyed the latest comments from the US President Donald Trump. Dollar sank yesterday as US Dollar index saw its biggest single-day drop since US President Donald Trump's tariff tantrum in April last year. The President believes that the currency has not excessively weakened. This is weighing on the currency markets heavily and the EUR/USD pair is currently quoting flat at 1.1995. Eurozone data was supportive for the single currency as German consumer confidence is set to improve in February, driven by strong rebounds in income expectations and willingness to buy. Survey data published jointly by NIQ/GfK and the Nuremberg Institute for Market Decisions showed that its forward-looking consumer climate indicator rose more-than-expected to -24.1 from -26.9 in January. On NSE, EUR/INR futures jumped to 110.44, up more than 1% on the day.

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