Neutral
EUR/CAD rises to 1.6120 ahead of German inflation data release.
In the past 24 hours, EUR/CAD has remained relatively stable, trading around 1.6120. Market participants are awaiting Germany's preliminary Consumer Price Index (CPI) and Harmonized Index of Consumer Prices (HICP) data, scheduled for release later today, to gauge potential impacts on the currency pair.
Key points
- EUR/CAD holds steady at 1.6120 as traders await German inflation data.
- BNY Mellon notes a 97% probability of an ECB rate hike in September, influenced by upcoming inflation data.
- Tensions in the Strait of Hormuz have driven up oil prices, providing support to the Canadian Dollar.
Sources
AI-generated from public news sources. Not financial advice.
