In the aftermath of disappointing US data, the Euro to US Dollar (EUR/USD) exchange rate advanced on Thursday. Less-than-ideal Canadian data has also seen the Euro to Canadian Dollar (EUR/CAD) exchange rate strengthen. The common currency, meanwhile, has gathered momentum after German data met with forecast figures. This is in spite of a monthly report from the European Central Bank which reiterated the institution’s willingness to stimulate the Eurozone economy should it be required.
The Euro to US Dollar exchange rate is currently trending in the region of 1.2456.
The Euro to Canadian Dollar exchange rate is currently trending in the region of 1.4106.
German Data Boosts Euro (EUR)
On Thursday morning, the common currency advanced against nearly all of its major peers. This can be attributed to positive data from the currency bloc’s most influential nation. The German Consumer Price Index was unchanged from the previously forecast figure of 0.8%. In addition, the German EU-Harmonised CPI also met with the previous figure of 0.7%; in line with the median market forecast.
The European Central Bank released its monthly report on Thursday. The bulletin mirrored the statement made by President Mario Draghi following the most recent policy meeting and its dovish tone therefore had minimal impact on the single currency.
US Jobs Data sees ‘Greenback’ (USD) Decline
Thursday’s US labour market data has printed below expectations, lubricating the US Dollar’s bearish run. Continuing Claims was forecast to drop from 2,356,000 to 2,348,000, but the actual result increased to 2,392,000. Additionally, Initial Jobless Claims was forecast to advance from 278,000 to 280,000, but the actual data showed further gains to 290,000.
Canadian Housing Data Hurts the ‘Loonie’ (CAD)
Canadian data printed disappointingly on Thursday, causing the ‘Loonie’ to depreciate against many of its most traded peers. The year-on-year New Housing Price Index increased from 1.5% to 1.6% but failed to meet with the market consensus of a rise to 1.7%. On a monthly basis, the New Housing Price Index was forecast to drop from 0.3% to 0.2%, but the actual result fell to 0.1%.
The Euro to US Dollar exchange rate has trended between a range of 1.2425 and 1.2477 on Thursday.
The Euro to Canadian Dollar exchange rate has trended between a range of 1.4042 and 1.4115 on Thursday.