Purchase EURINR; Goal: 91.40: ICICI Direct, December 20, 2023
Yesterday's gains in ICICI Direct and Euro were 0.52% due to the weak dollar and incisive remarks made by ECB officials.
ICICI Direct's EURINR currency report
Yesterday saw a 0.52% increase in the euro due to a lower dollar and aggressive remarks made by ECB members. Members of the ECB Governing Council Kazaks and Simkas denied rumors that the rate might be lowered as early as next year. Given the weak dollar and heightened risk appetite in international markets, the EURUSD is expected to hold support about 1.0930 levels today and go back towards 1.1020 levels. Additionally, the single currency will continue to be supported by the ECB's officials' aggressive remarks. In the meantime, a strong rise in the pair may be tempered by predictions of poor economic data from the euro zone. As long as it stays above 90.80 levels, EURINR might go up towards 91.40 levels.
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