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Published on 11/11/2021 11:36:38 AM | Source: Angel One Ltd

View on Currency Update By Heena Naik, Angel One Ltd

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Below are Views On Currency Update by Heena Naik, Research Analyst - Currency, Angel One Ltd

Currency Update

Both EURUSD and EURINR plunged by 1% and 0.67% respectively touching the lower levels of 1.1463 and 85.27. Reason for the same could be attributed to the sharp surge in the US Dollar Index that reached a year-to-date high while the 10-year Treasury yields rose around 12 basis points after consumer prices in the U.S. quickened at the fastest clip in three decades on an annual basis. 

The consumer price index rose 6.2% year-on-year last month, surpassing all estimates. The U.S. inflation data has increased the odds that the Fed would increase interest rates immediately after the taper wraps up. In fact, the data has led to more risks around the already high uncertainty around the Fed outlook for next year.

 

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