ICICI Direct, The Euro appreciated by 0.31% on the back of improved manufacturing PMI and decline in unemployment rate from Euro area.
February 02, 2022 / 09:15 AM IST
Tega Industries IPO
ICICI Direct’s currency report on EURINR
The Euro appreciated by 0.31% on the back of improved manufacturing PMI and decline in unemployment rate from Euro area. Eurozone manufacturing growth made gains to 58.70 in January 2022 as supply chain bottlenecks eased. Meanwhile, optimistic sentiments in the European markets and uptick in Germany 10 year treasury yields supported the Euro • The Euro is expected to trade with a positive bias mainly due to weakness in dollar and increase in risk appetite in the global markets. However, expectation of disappointing economic data from Euro area and divergence in the Monetary policy may cap further upside in the single currency. The Euro zone CPI is forecast to decline by 4.3% in January 2022 compared to 5.0% in December 2021. EURINR (February) is expected to rise further towards 85.20 levels for the day.
Intra-day strategy
| EURINR February futures contract (NSE) | |
| Buy EURINR in the range of 74.92-74.94 | |
| Target: 84.90 | Stop Loss: 84.45 |
| Support: 84.45/84.25 | Resistance: 84.90/85.20 |
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