ICICI Direct and the Euro dipped yesterday due to a strong dollar and unfavorable mood on international markets.
The EURINR currency report from ICICI Direct
Yesterday’s negative global market sentiment and strong dollar caused the euro to teeter downward. Better than expected German Oct. IFO business climate index reduced downsides. As long as it stays below 1.0600 levels, the EURUSD is expected to decline further today, possibly reaching 1.0520 levels. Investor caution will also be maintained ahead of the ECB’s monetary policy decision, where the central bank is expected to maintain its policy rate steady. The attention will be on the ECB’s comments for guidance on the trajectory of interest rates. As long as the EURINR is below 88.05. it could move south towards the 87.50 level.
