Forex Market News

EURUSD Spot Traded Higher By 0.17 Percent

In the yesterday’s trading session, EURUSD spot traded higher by 0.17 percent while EURINR traded on a flat note owing to weak US Dollar Index after the disappointing release of consumer confidence data from the US which added to Euro’s strength.
In a recent statement, the ECB President confirmed that Euro-zone still needs ‘extraordinary amount of monetary support’ in spite of its growing economic recovery. Furthermore, former Prime Minister Matteo Renzi raised the prospect of an early election which intensified the fear in the markets that led to weak trading. Today, EURINR spot is likely to trade higher as weak DXY will work in favor of the shared currency.
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