- The EUR/CAD has reached 1,6052, the new maximum since March 2018.
- François Villeray said the ECB could cut interest rates.
- The CAD linked to raw materials fights after WTI prices fell more than 12.50% so far this week.
The EUR/CAD continues its upward streak that began on June 16, quoting around 1,6040 during the first European hours on Thursday. The crossing of currencies has marked 1,6052, the new maximum since March 2018, with the euro (EUR) receiving support in an improvement in the appetite for risk.
Earlier this week, the monetary policy of the European Central Bank (ECB), François Villeroy de Galhau, said the Central Bank could still cut interest rates despite the volatility observed in the oil market. “If we look at the current market evaluation so far, inflation expectations remain moderate,” Villey added.
Meanwhile, the head economist of the ECB, Philip Lane, said that “our monetary policy will have to take into account not only the most likely path (the baseline) but also the risks to activity and inflation,” according to Reuters.
The EUR/CAD crossing received support while the Canadian dollar (CAD) linked to raw materials faced challenges after a fall of more than 12.50% in the WTI so far this week. The West Texas Intermediate (WTI) oil is negotiated around $ 64,60 per barrel at the time of writing. However, oil prices moved little due to a decrease greater than expected in the United States oil stocks (USA), which indicated a firm demand, according to the US energy information management (EIA) administration (EIA) of the US shown on Wednesday.
In Canada, economic data is still limited after the publication of the Canada Consumer Price Index (CPI) this week that did not have much impact on operators. Monthly figures of the Gross Domestic Product (GDP) are expected of a medium level for Friday, which is expected to fall to a 0.0% intermensual plane in May.
Euro price today
The lower table shows the percentage of euro change (EUR) compared to the main currencies today. The euro was the strongest currency against the US dollar.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.40% | -0.55% | -0.73% | -0.16% | -0.36% | -0.24% | -0.37% | |
| EUR | 0.40% | -0.09% | -0.39% | 0.26% | 0.08% | 0.17% | 0.05% | |
| GBP | 0.55% | 0.09% | -0.30% | 0.36% | 0.17% | 0.29% | 0.14% | |
| JPY | 0.73% | 0.39% | 0.30% | 0.61% | 0.44% | 0.51% | 0.41% | |
| CAD | 0.16% | -0.26% | -0.36% | -0.61% | -0.18% | -0.17% | -0.21% | |
| Aud | 0.36% | -0.08% | -0.17% | -0.44% | 0.18% | 0.02% | -0.03% | |
| NZD | 0.24% | -0.17% | -0.29% | -0.51% | 0.17% | -0.02% | -0.05% | |
| CHF | 0.37% | -0.05% | -0.14% | -0.41% | 0.21% | 0.03% | 0.05% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the euro of the left column and move along the horizontal line to the US dollar, the percentage change shown in the box will represent the EUR (base)/USD (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
