Euro remains weaker against Canadian Dollar following German PMI data
EUR/CAD extends its losses for the second successive day, trading around 1.6100 during the European hours on Friday. The currency cross depreciates as the Euro (EUR) holds losses following the release of HCOB Purchasing Managers’ Index (PMI) data from Germany.
The Euro (EUR) continues to struggle against the Canadian Dollar (CAD) following Germany's Purchasing Managers' Index (PMI) data for August. The EUR/CAD pair slipped to around 1.6100 during European trading hours on Friday, as the Euro faced losses following the release of the Composite PMI. Germany's flash HCOB Composite PMI declined to 51.0 in August, below expectations, mainly due to a sharper contraction in the services sector.
The services PMI fell to 48.5, indicating contraction, which is below market estimates. On the other hand, the manufacturing sector showed a positive trend, with the Manufacturing PMI rising to 54.1, surpassing forecasts. Meanwhile, the CAD gains support from increasing crude oil prices, driven by the ongoing US-Iran tensions. The US Treasury Department has announced plans to increase liquidity support buyback operations for long-term bonds, further strengthening the Canadian Dollar.
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