Euro crashes as trade deal optimism fizzles, EUR/INR under 101 mark

Euro saw a hefty tumble yesterday as markets reacted to the US-EU trade deal and its impact on European economy in near term. According to the details, the US will impose a 15% tariff rate on products coming into the country from EU. There are some concerns following this regarding how Germany's export-oriented industry will react under these terms. EURO/USD slumped 1.30% yesterday, adding to losses seen after testing a two-week high in last week. It currently quotes at 1.1720, down 0.21% on the day and lingering around two-week low. The US dollar index is firm at 98.40- holding onto the 1% spike in last session. On the NSE, EUR/INR futures slumped under 101 mark and currently quotes at 100.77, down 0.56% on the day.

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