Sell EURINR; target of : 89.55 : June 19, 2023: ICICI Direct

Rupee

ICICI Direct's currency report on EURINR

The Euro lost its earlier gains and closed with a marginal lass of 0.04% on Friday amid a decline in German 10 year’s bond yields and recovery in the dollar. Meanwhile, consumer price inflation in the Euro Area was confirmed at 6.1% in May 2023, the lowest since February 2022. Still, the rate remained significantly higher than the European Central Bank's target of 2.0% • The Euro is likely to trade with a negative bias for the day amid a strong US dollar and drop in German treasury yields. Meanwhile, a sharp fall may be restricted on expectations that the ECB will continue to tighten its policy. EURUSD is likely to break the level of 1.0920 to continue its downward trend towards the level of 1.0900. EURINR is likely to trade in a downward trend towards the level of 89.55.

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19062023 - curr