Euro gains against Canadian Dollar following improved PMI data
EUR/CAD continues its winning streak that started on July 24, trading around 1.6240 during the European hours on Wednesday. The currency cross rises as the Euro (EUR) receives support following the release of HCOB Purchasing Managers’ Index (PMI) data from Germany and the Eurozone.
The Euro (EUR) has strengthened against the Canadian Dollar (CAD) following positive Purchasing Managers' Index (PMI) data from Germany and the Eurozone. The HCOB Eurozone Composite PMI surged to 52.0 in July, marking the first increase in regional business activity since March and the fastest growth in eight months. The Eurozone Services PMI also improved, reaching 51.7 in July, after three months of decline.
Germany's Composite PMI returned to growth for the first time since March, reaching 51.3 in July, while the Services PMI edged up to 49.8. Rabobank analysts highlight a widening divergence within the Eurozone, with Italy and Spain posting higher PMI readings compared to France and Germany. The EUR/CAD cross benefits as the Canadian Dollar struggles due to declining energy markets, with oil prices near three-week lows.
The US and Iran have reportedly reached an interim agreement to reopen the Strait of Hormuz, a crucial maritime route, although the long-term outlook remains uncertain.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
