Euro Rises Toward 1.6200 Against CAD as Eurozone Jobless Rate Holds at 6.2%
Updated
Updated · Mitrade · Jul 2
Euro Rises Toward 1.6200 Against CAD as Eurozone Jobless Rate Holds at 6.2%
1 articles · Updated · Mitrade · Jul 2
Summary
EUR/CAD climbed back toward 1.6200 on Thursday after Eurozone unemployment for May came in at 6.2%, beating the 6.3% consensus and matching a revised 6.2% prior reading.
That labor-market surprise helped the euro hold firm even as ECB officials split on rates, with Pierre Wunsch arguing against further tightening while Martin Kocher said the next move could still be a hike or a hold.
The Canadian dollar also weakened as oil prices fell sharply below recent highs, pressured by recovering Strait of Hormuz shipping and progress in indirect Washington-Tehran talks that eased supply fears.
Canadian data has been more supportive elsewhere: Statistics Canada this week reported 0.5% April growth and estimated another 0.1% expansion in May, calming worries about a deeper tariff-driven slowdown.