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Euro steadies versus Canadian dollar near 1.6170 after upbeat German data
EUR/CAD is holding after Germany’s GfK consumer confidence surprised higher, while CAD remains supported by the struggle in oil prices near $81.1 a barrel.
EUR/CAD stayed near 1.6170 during European hours on Thursday, after three straight days of gains, as the euro showed little movement despite a surprisingly upbeat economic read from Germany, according to FXStreet.
The positive driver was the September GfK Consumer Confidence Survey, which improved to -26.6 from -29.4 in August and beat forecasts for -29.6, lifting expectations for eurozone demand conditions.
Traders also looked ahead to the ECB’s Monetary Policy Meeting Accounts later in the day for clues on the eurozone interest rate path, while the Canadian dollar faced headwinds from weaker oil prices.
FXStreet noted WTI crude was trading around $81.10 per barrel, with crude declining on signs of diplomatic progress in the Middle East, including an agreement between Iran and Oman over their shares of the Strait of Hormuz waters and revenues, while strategists at Rabobank cautioned that energy security stress is increasing amid outages and export restrictions.
Meanwhile, the article cited that Trump said 10 million barrels of oil passed through Hormuz on Tuesday, and Rabobank warned that supply shocks and disruptions linked to ongoing conflict risk prolonging tightness in oil and refined product markets.
Latest closeWTI crude $81.58 ▼0.9%