Euro holds gains against Canadian Dollar ahead of Eurozone HICP inflation data
- EUR/CAD rises as the Euro remains stronger following the HCOB PMI data from Germany and the Eurozone.
- Germany’s October HCOB Services and Composite PMIs improved, while Eurozone Services and Composite PMIs both declined.
- The Canadian Dollar may rise on potential crude oil gains, while market caution grows ahead of US-Iran decisions.
EUR/CAD extends its gains for the third consecutive day, trading around 1.5700 during European hours on Wednesday. The currency cross remains stronger as the Euro (EUR) holds its position following the release of HCOB Purchasing Managers’ Index (PMI) data from Germany and the Eurozone. Traders’ attention is shifted toward Eurozone Harmonized Index of Consumer Prices (HICP) data due later in the day.
Germany’s final HCOB Services PMI improved to 52.5 in October, from the previous reading of 51.7. Composite PMI rose to 53.4 from 52.8 prior. Meanwhile, Eurozone Services PMI eased to 51.4 from 51.7 prior, and Composite PMI declined to 51.7 from 51.9.
The upside of the EUR/CAD cross could be limited as the commodity-linked Canadian Dollar (CAD) may gain ground on a potential rise in crude oil prices. Market caution emerges ahead of Washington's decision in the US-Israeli war on Iran, following Democrats' sweep of US midterm elections. Vote counting was underway, with Democrats snaring majorities in both houses of Congress for the rest of Trump's second term.
According to Reuters, Priyanka Sachdeva, head of market insights at Phillip Nova, noted that "President Trump's conflicting signals, with military strikes continuing alongside statements downplaying further escalation, have made it difficult for traders to build strong directional conviction". She added that "some profit-taking and reduction in speculative long positions are justified, particularly after the sharp rally in October".
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.55% | -0.56% | -0.24% | -0.40% | -0.62% | -0.39% | -0.58% | |
| EUR | 0.55% | 0.00% | 0.32% | 0.13% | -0.08% | 0.15% | -0.03% | |
| GBP | 0.56% | -0.01% | 0.34% | 0.19% | -0.06% | 0.15% | -0.04% | |
| JPY | 0.24% | -0.32% | -0.34% | -0.16% | -0.38% | -0.17% | -0.35% | |
| CAD | 0.40% | -0.13% | -0.19% | 0.16% | -0.22% | -0.01% | -0.19% | |
| AUD | 0.62% | 0.08% | 0.06% | 0.38% | 0.22% | 0.21% | 0.04% | |
| NZD | 0.39% | -0.15% | -0.15% | 0.17% | 0.00% | -0.21% | -0.18% | |
| CHF | 0.58% | 0.03% | 0.04% | 0.35% | 0.19% | -0.04% | 0.18% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Author
Akhtar Faruqui
FXStreet
Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.
