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May 24, 2023EUR/CAD is down to 1.4541, after ending yesterday at 1.4542. Overall, a 0.01% loss or 1 pips today.
Business Climate Index data from Germany will be released today at 08:00 UTC with analysts expecting a decline to 93. Potentially significant price fluctuations in EUR/CAD are expected to follow.
While price action maintains a negative bias, Germany Manufacturing PMI came out at 42.9, while a consensus of analysts was expecting 45. Canada RMPI (MoM) (Apr) released yesterday at 12:30 UTC with a figure of 2.9, while the previous figure was -0.9. Euro Zone Composite PMI came out at 53.3, while a consensus of analysts was expecting 53.7.
In addition, GBP/JPY moves 0.06% to trade around 172.08. GBP/USD trades close to 1.2426, with no major change.
Looking ahead, ongoing depreciation may be prolonged as Germany GDP is projected to outperform its last figure with -0.1. It previously stood at -0.4; data will be released tomorrow at 06:00 UTC.
Moreover, as things stand, upcoming Germany Business Climate Index data is projected to fall short of market expectations with newly published data of 93, following on from the preceding figure of 93.6. New data is set to be published today at 08:00 UTC.
Furthermore, Euro Zone ECB President Lagarde speech is scheduled for today at 17:45 UTC.
As things stand, EUR/CAD is 3.61% away from a significant high of 1.5086, first set 21 days ago.
