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Euro Retreats From 3-Week High Against Dollar; Set For Weekly Gain

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Euro retreated from a three-week high against the dollar on Friday after having scaled up to near $1.09 in the previous session. Recovery in dollar overseas is adding pressure on the single common currency. EURUSD is quoting at $1.0829, down marginally on the day but set for a weekly gain of almost 0.36%. The dollar index that measures the greenback against a basket of currencies is renewing gains after staying subdued for the week. FOMC earlier in the week showed most FOMC officials remain wary of cutting interest rates "too quickly." The minutes of the late-January meeting said participants acknowledged risks to achieving the Fed's employment and inflation goals were moving into better balance, but they remained highly attentive to inflation risks. Meanwhile, German economy contracted as estimated in the fourth quarter on weaker investment, revised data from Destatis showed on Friday. Gross domestic product slid 0.3 percent sequentially after stagnating in the third quarter. On the NSE, EURINR futures were down 0.13% at 89.78.
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First Published: Feb 23 2024 | 3:50 PM IST

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