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ICICI Direct’s currency report on EURINR
The Euro fell 0.09% on Monday despite better-than-expected consumer confidence data from the euro area. The consumer confidence indicator in the Euro Area rose by 1.7 points to -19 in February 2023, the highest in a year and in line with market expectations • We expect the Euro to trade with a positive bias for the day amid an uptick in German 10 years bond yields. Further, the single currency may rise as Manufacturing and Services PMI data from Europe is likely to show improvement in activity. Additionally, ZEW economic sentiments data is expected to show that investor’s sentiment remained in positive territory. EURUSD is likely to break the key resistance level of 1.0700 to continue its upward trend towards the level of 1.0750. EURINR (February) is expected to break the key resistance level of 9 DMA at 88.65 and continue to rise towards 88.80 level.
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21022023 – currency
