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ICICI Direct's currency report on EURINR
Euro gained by 0.11% yesterday amid weak dollar and hawkish comments from ECB Governing Council member Wunsch. Further, rise in euro zone consumer confidence supported single currency. For today, EURUSD is likely to hold the support near 1.0790 level and rise towards 1.0840 level amid weak dollar and as ECB officials have been steadfastly pushing back against market expectation of early rate cuts. Meanwhile, sharp upside may be capped as PMI data is likely to show that activity in manufacturing and services sector continued to contract. EURINR Feb may rise towards 90.0 level as long as it trades above 89.40 levels.
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