The Euro fell to a session low on Friday after the Euro was weighed down by disappointing data out of Germany and uncertainty over the European Central Banks outright monetary transaction programme.
The Canadian Dollar pushed higher against the majority of its most traded peers after the number of new jobs created in the North American country rebounded in January, dampening speculation that the Bank of Canada will cut interest rates in an effort to bolster the economy.
According to Statistics Canada the country created 29,400 jobs in January a rebound compared to December where jobs fell. The overall unemployment rate in the country fell to 7% in January, down from the 7.2% seen in December. The decline was better than the 7.1% rate expected by economists.
As a result of the data the Canadian Dollar jumped to its highest level in two-and-a-half weeks against its US relation. Disappointing jobs data out of the US weighed heavily against the ‘Greenback’ sending it lower against the majority of its most traded peers. The U.S. Labour Department said 113,000 jobs were added in January, less than the expected 185,000 increase. December’s figure was revised up to a 75,000 rise from a previously estimated 74,000 increase.
The Euro came under pressure earlier in the session after official data earlier showed that German industrial production fell 0.6% in December, confounding expectations for a 0.5% increase, after an upwardly revised 2.4% gain the previous month.
Looking ahead to next week the next major piece of Eurozone data is due for release on Wednesday. Industrial production is expected to have increased month by month in December. If the report comes in below expectations however we can expect the single currency to weaken as concerns over the region’s economy will arise once more.
Euro (EUR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Euro,,US Dollar,1.3613 ,
Euro,,British Pound,0.8304 ,
Euro,,Canadian Dollar,1.4976 ,
Euro,,Australian Dollar,1.5214 ,