Euro dips against Canadian Dollar following HCOB PMI data release
EUR/CAD halts its four day-winning streak, trading around 1.6090 during the European hours on Wednesday. The currency cross is under pressure as the Euro (EUR) holds losses following the release of the latest HCOB Purchasing Managers’ Index (PMI) data for Germany and the broader Eurozone.
The Euro (EUR) against the Canadian Dollar (CAD) experienced a downturn following the release of Purchasing Managers’ Index (PMI) data from Germany and the wider Eurozone. The EUR declined slightly during European trading hours on Wednesday, trading around 1.6090. The decline stemmed from the Euro's losses following the release of HCOB PMI data, which indicated moderate expansion in the Eurozone, with the services sector marginally up to 51.7 from August's 51.6, while manufacturing remained steady at 52.7.
In Germany, business activity showed mixed results across sectors, with manufacturing output unexpectedly slowing, and the Manufacturing PMI dropping to 53.8, below expectations. However, the strong rebound in the service sector, with the PMI jumping to 52.9 from August's 49.7, signaled a return to expansionary territory. Despite these signs, the Euro's weakness was evident, and the EUR/CAD cross may face further losses due to headwinds from subdued crude oil prices, as the Canadian Dollar (CAD) is also facing challenges from low WTI oil prices.
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