Euro attempts recovery near $1.18 levels against dollar; EUR/INR futures slide 2% under 107 mark

Euro is attempting recovery from a one and half week low on Tuesday as dollar took a breather following a streak of gains. Dollar index is holding above 97 mark owing to strong US economic data and shifting Federal Reserve (Fed) policy expectations toward hawkish. Data on Monday showed an unexpected rebound in US factory activity, underscoring economic resilience, as the Institute for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI) rose to 52.6 from 47.9 in December. Meanwhile, US President Donald Trump nominated Kevin Warsh as the next Federal Reserve (Fed) Chair who is perceived to have a more disciplined and cautious approach to monetary easing. On the domestic docket, upcoming European Central Bank (ECB) monetary policy decision will be keenly watched for further cues. EUR/USD is currently quoting at $1.1824, up 0.11% on the day and rebounding from its lowest level in one and half weeks. On the NSE, EUR/INR futures are down almost 2% under 107 mark.

 

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