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EUR/USD tanks near 1.1700 mark, German DAX soars around 1%

05-May-26 15:21Hrs IST

Euro eased slightly today but firm cues from European equities capped losses for the single currency. EUR/USD pair currently trades at 1.1710, down 0.08% on the day after sliding 0.30% in last session. The US dollar is staying well supported in global markets amid uncertainty over geopolitics but EUR/USD is holding well. Eurozone manufacturing growth gained momentum in April, with the S&P Global Eurozone Manufacturing PMI rising to 52.2 from 51.6 in March'its highest level in nearly four years. The improvement was driven by stronger demand, as new orders increased at the fastest pace in four years, pushing production higher. Export orders also grew for the first time in over four years. The German DAX index, leading European equity benchmark, soared around 1% today, providing good support to the single currency. On NSE, EUR/INR futures are quoting at 111.76, up 0.02% on the day and have been in a tiny range today.

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