Euro steadies against Canadian Dollar following stronger German Consumer Confidence data

Euro holds ground as September GfK consumer sentiment improved to -26.6, beating market expectations.
Investors await the ECB’s meeting accounts for fresh clues on the Eurozone's future interest rate trajectory.
The Canadian Dollar weakens as falling crude oil prices weigh on the commodity-linked currency.

Akhtar Faruqui FXStreet

EUR/CAD maintains its position after three days of gains, trading around 1.6170 during the European hours on Thursday. The currency cross remains steady as the Euro (EUR) moves little following a surprisingly upbeat economic data out of Germany.

The September GfK Consumer Confidence Survey improved significantly to -26.6, climbing from -29.4 in August and soundly beating market forecasts that had anticipated a slight dip to -29.6. Looking ahead, traders are turning their focus to the release of the ECB’s Monetary Policy Meeting Accounts due later in the day, which will be thoroughly analyzed for fresh insights regarding the Eurozone's interest rate trajectory.

Additionally, the EUR/CAD cross receives support as the commodity-linked Canadian Dollar (CAD) struggles amid lower oil prices. West Texas Intermediate (WTI) oil price trades around $81.10 per barrel at the time of writing.

Crude oil prices decline amid signs of diplomatic progress in the Middle East. Iran and Oman reached an agreement over each country’s share of the Strait of Hormuz’s waters and related revenues, although Tehran cautioned that reopening the crucial waterway would require more than an agreement with Oman. Meanwhile, US President Donald Trump said 10 million barrels of oil had passed through Hormuz on Tuesday, while reiterating claims that mines in the waterway had been cleared.

Ukraine strikes and Iran war deepen pressure on oil supply

Strategists at Rabobank caution that, while broader market concerns over energy security remain "still a hypothetical that markets can ignore for now," the latest developments are clearly intensifying stress across the complex. They note that "the Ukrainian strikes are adding pressure to the energy complex," with Ukraine having "forced another outage at the second-largest Russian gasoline producer," while "Moscow will extend the diesel export ban through September according to Reuters’ sources." Rabobank argues these emerging "supply shocks add to the disruptions from the Iran war," reinforcing the risk of more persistent tightness in oil and refined product markets if such outages and bans are prolonged.

Economic Indicator

GfK Consumer Confidence Survey

The GfK Consumer Confidence is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. Generally speaking, a high reading is positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).

GBP/USD stays weak below 1.3600 as USD bulls await Warsh's speech

GBP/USD is consolidating near the lower end of its weekly range, below the 1.3600 mark, during European trading hours on Thursday. The pair's downside, however, remains cushioned as traders await Fed Chair Warsh's speech on Friday for more cues about the US central bank's interest rate path before placing fresh directional bets.

EUR/USD holds range around 1.1650 as USD steadies

EUR/USD keeps its range around 1.1650 in the European session on Thursday. Hawkish ECB expectations support the pair as the US Dollar consolidates after the US PCE data-driven advance. The focus remains on Middle East developments and US Jobless Claims data.

Gold holds steady around $4,600 as traders eye Fed's Warsh for rate cues

Gold languishes near the $4,600 mark through the first half of the European session on Thursday and remains close to the weekly low it touched the previous day. The downside, however, seems limited as traders opt to wait for US Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium on Friday for cues on the future policy path. The outlook, in turn, will play a key role in influencing the US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.

Ripple eases to $1.40, Solana hits $100, DOGE capped below $0.10

Ripple (XRP) and Dogecoin (DOGE) are facing downside pressure after double-digit gains last week, while Solana (SOL) extends its rally to $100. The technical outlook for XRP, SOL, and DOGE points to potential upside as the broader market sustains a risk-on sentiment.

Jackson Hole kicks off after upside PCE surprise

In China, industrial profits rose 17.6% y/y to CNY 4.58tn in the first seven months of 2026, slowing from an 18.7% increase in January-June. The moderation follows several months of strong profit growth around 20% y/y, supported by higher producer prices and solid manufacturing activity.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.