Euro is plunging near a three-week low against the dollar on Friday tracking massive strength in dollar overseas in addition to comments from ECB officials signaling a faster than expected rate cut. ECB policymaker and Bundesbank Chief Joachim Nagel said on Friday that the probability of a rate cut before the summer break is increasing. EURUSD pair plunged sharply to a low of $1.0845 during intraday moves and is currently quoting at $1.0855, down 0.42% on the day. The EURUSD pair limited some losses after data showed upbeat German IFO consumer confidence. The headline German IFO Business Climate Index arrived at 87.8 in March, higher than the February reading of 85.5, much above the market consensus of 86.0. Meanwhile, the Current Economic Assessment Index rose from 86.9 in February to 88.1 in the reported month, beating expectations of 86.8. The IFO Expectations Index indicating firms projections for the next six months, edged higher to 87.5 in March vs. 84.1 recorded in the …
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