Euro slumps over half a percent against firm dollar; EUR/INR slide under 104 mark

Euro slumped over half a percent against the dollar on Monday to its lowest level in more than three weeks following news that France's Prime Minister, Sastien Lecornu, resigned. EUR/USD is currently seen quoting at $1.1712, down 064% on the day. A firm rebound in dollar index above 98 mark is also contributing to weakness in the counter. The US government shutdown entered its fifth day as US Senators failed to pass spending proposals to reopen the federal government. On Sunday, US President Donald Trump reportedly said that his administration would begin laying off federal workers. However, rising possibility of Federal rate cuts are limiting gains in the counter. Meanwhile, data showed Eurozones retail sales rose 1% year-over-year in August, following a revised 2.1% increase in July, according to official data released by Eurostat on Monday. On a monthly basis, retail sales in the old continent advanced 0.1% in the same period versus Julys -0.4% revision. The data came in line with the market expectations. On the NSE, EUR/INR futures are trading at 103.82, down 0.63%.

 

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