ICICI Direct, Euro depreciated by 0.12% yesterday majorly on the back of strong Dollar and concern over resurgence of COVID-19 cases.
December 03, 2021 / 08:26 AM IST
ICICI Direct’s currency report on EURINR
Euro depreciated by 0.12% yesterday majorly on the back of strong Dollar and concern over resurgence of COVID-19 cases. However, sharp fall was cushioned on better than expected economic data from euro area. Euro Zone producer prices jumped more than expected in October and unemployment rate eased as economy continued to recover • Euro is expected to trade with negative bias amid strong dollar and divergence in monetary policy. US Federal Reserve is likely to accelerate its pace of monetary tightening, whereas ECB is forecasted to continue with its easy money policy despite of surge in Inflation. Investors will remain vigilant ahead of ECB President Lagarde statements and job data from US. Additionally, concern over onset of new variant when EU countries are already tightening rules to try to curb the spread of coronavirus will hurt single currency. However, sharp fall may be cushioned on expectation of improved economic data from euro area.
|EURINR December futures contract (NSE)|
|Sell EURINR in the range of 85.03-85.05|
|Target: 84.75||Stop Loss: 85.20|
|Support: 84.85/84.75||Resistance: 85.20/85.30|