Euro remains stronger against Canadian Dollar following Eurozone HICP inflation data
EUR/CAD appreciates after posting modest losses in the previous day, trading around 1.6050 during the European hours on Thursday. The currency cross holds its ground, driven by a stronger Euro (EUR) following the release of the Eurozone Harmonized Index of Consumer Prices (HICP) data for August.
The Euro (EUR) strengthened against the Canadian Dollar (CAD) following Eurozone Harmonized Index of Consumer Prices (HICP) data for August. The monthly HICP rose 0.4% month-over-month, matching the previous period's increase, while annual inflation eased slightly to 3.2% from the expected 3.3%. Core monthly HICP remained steady at a 0.2% gain, with the annual core reading meeting expectations at 2.4%.
Meanwhile, the weaker Canadian Dollar (CAD) was pressured by falling crude oil prices and reports that Saudi Arabia expects to restore half of its damaged East-West pipeline within days, with full operations targeted within six weeks. This influenced the EUR/CAD cross to appreciate, trading around 1.6050 during European hours on Thursday.
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