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Euro Stays Subdued Against Dollar; ECB Awaited
Euro pared some of its intraday losses but continues to stay pressured amid a modest rebound in dollar overseas. The dollar index that measures the greenback against a basket of currencies is quoting at 103.84, up 0.05% on the day with focus on upcoming Nonfarm Payrolls report and Federal Reserve Chair Jerome Powell's congressional testimony. EURUSD is currently quoting at $1.0857, down marginally on the day. Data from Euro zone showed industrial producer prices decreased by 0.9% on monthly basis in January in both the euro area and the EU, according to estimates from Eurostat. Meanwhile, seasonally adjusted HCOB Eurozone Composite PMI Output Index, a weighted average of the HCOB Manufacturing PMI Output Index and the HCOB Services PMI Business Activity Index, remained in sub-50.0 contraction territory in February. That said, having risen from 47.9 in January to an eight-month high of 49.2, the index signaled a near-stabilization of the euro area economy. HCOB Germany Services PMI ...