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May 31, 2023Struggling to find upward momentum, EUR/CAD has shed 10 pips to currently trade at 1.4584 as it ranges between 1.458 and 1.4612 so far today.
Germany Unemployment Change data will be released today at 07:55 UTC, with an expected improvement to 14,000. EUR/CAD reaction to indicator information will follow.
Amid the market gloom, Canada Current Account (Q1) came out at -6.2 billion, while a consensus of analysts was expecting -10.9 billion. Italy 10-Year BTP Auction released yesterday at 09:25 UTC with a figure of 3.79, while the previous figure was 3.77. Spain HICP (YoY) (May) came out at 2.9, while a consensus of analysts was expecting 4.1.
In the meantime, negative performances are also seen in other pairs as EUR/USD is down to 1.0695, losing 44 pips, after closing at 1.0739 in the preceding trading session.
Though EUR/CAD has been dropping, other pairs have been performing better: GBP/NZD is up 0.4%. USD/SGD rises 0.26% to trade around 1.354.
Looking ahead, ongoing depreciation may be prolonged as Germany Unemployment Change is projected to outperform its last figure with 14,000. It previously stood at 24,000; data will be released today at 07:55 UTC.
In addition, Canada GDP is projected to outperform its last figure with 0.2%. It previously stood at 0.1%; data will be released today at 12:30 UTC.
Furthermore, Euro Zone ECB President Lagarde speech set for today at 12:30 UTC.
EUR/CAD is now trading 3.26% away from its significant high of 1.5086 first tested 28 days ago.
