Euro fell to near one-month low on Thursday tracking massive gains in greenback coupled with weaker than expected German retail sales that added to further concerns regarding the health of the economy. Germany’s retail sales dropped 1.9% from January. On an annual basis, retail sales decreased by 2.7% in real terms. Data showed that Food sales were down 1.7% from the previous month and non-food retailing drifted lower by 1%. Meanwhile, the dollar index is staying put just above the 104 mark on Thursday awaiting further cues from crucial data ahead. Investors are cautiously awaiting the upcoming US PCE price index report, a key inflation gauge for the Federal Reserve, which could impact the monetary policy outlook. Fed Governor Christopher Waller said on Wednesday that the central bank could hold off on cutting interest rates amid strong inflation data. The Fed’s Christopher Waller said that there is no rush to cut the policy rate based on additional economic data over the past month that has reinforced this view. EURUSD is quoting at $1.0824, its lowest level since the beginning of the month. On the NSE, EURINR futures settled lower by 0.29% at 90.15.
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Tags: Euro OneMonth Dollar German Retail Sales Disappoint Capital Market News
