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Euro slides against Canadian dollar amid ECB growth warnings

EUR/CAD hovered near 1.5970 during European trading after German and euro zone final PMI data aligned with forecasts.

Reported · Written up by our desk · Major Pairs

EUR/CAD gave back some of its prior gains and traded around 1.5970 during European hours on Monday, as the euro stayed under pressure, FXStreet reported.

The move came after final HCOB Purchasing Managers’ Index releases from Germany and the broader euro zone, with the final composite PMI holding steady at 53.8 in Germany and services PMI at 53.0, while euro zone composite and services PMIs matched estimates at 53.1 and 53.0, respectively.

FXStreet said traders also looked ahead to the Eurozone Sentix Investor Confidence report later in the session.

The ECB’s Chief Economist Philip Lane added to the euro’s headwinds, warning of growing risks to the regional outlook and noting that higher long-term interest rates are continuing to constrain economic growth, while medium term inflation expectations remain de-anchored.

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