Euro holds gains against Canadian Dollar following German GfK Consumer Confidence
EUR/CAD gains ground for the second successive day, trading around 1.6110 during early European hours on Friday.
The Euro (EUR) gained against the Canadian Dollar (CAD) for a second consecutive day, trading at approximately 1.6110 during early European trading hours on Friday. This rise occurred despite a weaker-than-anticipated German GfK Consumer Confidence Survey, which fell to -30.6 for October, down from the previously revised -26.8 in September.
This decline marked the weakest reading since May. Analysts at ING point out that while Euro-specific fundamentals are mixed, recent data shows some resilience, but this is not translating into solid support for the single currency. They highlight that economic resilience, as indicated by the Ifo index, is partly offset by wider eurozone spreads.
Additionally, French 10-year yields are trading 110 basis points higher than German Bunds, and political and fiscal concerns remain a drag on Euro sentiment. Meanwhile, the Canadian Dollar (CAD) is facing downward pressure as crude oil prices drop after reports of a potential phased agreement between the United States and Iran to reopen the Strait of Hormuz and lift the US blockade on Iranian ports.
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