The Euro faced a challenging situation as it attempted to breach the 1.07 mark, ultimately failing to capitalize on its gains due to downward revisions in the Eurozone Consumer Price Index (CPI). In August, Eurozone CPI dipped to 5.2% YoY. Despite this setback, there’s optimism that the EURINR pair will rebound toward 1.072, provided it maintains support at 1.0650.
One potential catalyst for this upward movement is the anticipation of stronger Producer Price Index (PPI) data from Germany, which could help push the pair above the 1.072 threshold. Additionally, EURINR is expected to find support around 88.80 and gradually climb toward 89.50.
As with all financial decisions, it’s essential to exercise caution and seek advice from certified experts before making any investment choices. The currency market can be unpredictable, and staying informed is crucial for making sound investment decisions.