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June 01, 2023EUR/CAD dropped to 1.4461, hitting its lowest point in 2 months. It later recovered 39 pips and is now trading at 1.45.
Germany Manufacturing PMI is next today at 07:55 UTC.
On the flip side, highly important GDP data from Canada beat analyst expectations of 0.2% with a reading of 0%. Data for Germany Unemployment Change published yesterday at 07:55 UTC came out at 9,000, beating projections of 14,000 and showing improvement over the preceding figure of 23,000.
Meanwhile, Canada GDP Annualized (QoQ) (Q1) came out at 3.1, while a consensus of analysts was expecting 1.5.
A look at other currencies also shows bullish price action as having closed the previous session at 139.29, USD/JPY is up 0.16% today to currently trade at around 139.51. Having closed the previous session at 148.89, EUR/JPY is up 0.16% today to currently trade at around 149.13. GBP/JPY is up 0.17% to 173.53.
Furthermore, the market is looking at Euro Zone Consumer Price Index figure is projected at 7%. It previously stood at 7%; data will be released today at 09:00 UTC. Euro Zone ECB Publishes Account of Monetary Policy Meeting will be released today at 11:30 UTC. Euro Zone ECB President Lagarde speech scheduled to come out today at 09:30 UTC. Germany Retail Sales is projected to outperform its last figure with 1%. It previously stood at -2.4%; data will be released today at 06:00 UTC.
As things stand, EUR/CAD is 3.89% away from a significant high of 1.5086, first set 29 days ago.
