The Loonie was up around 0.4% and 0.29% this morning against the EUR and GBP respectively.
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The pound reached a new high against the euro, with markets favouring potential rate cuts by the European Central Bank (ECB) while maintaining stability in response to the Bank of England’s (BoE) policy trajectory.
The pound saw a modest uptick against the dollar, following its most substantial monthly gain in a year. This surge was attributed to increased pressure on the U.S. currency amid rising speculations that the Federal Reserve might implement rate cuts sooner than several other central banks.
GBP/EUR reached highs not seen since February 2020 on Monday and is still rallying and testing the psychological 1.20 handle.
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Yesterday, the Bank of England announced its latest monetary policy decision, opting to hold interest rates at their current level of 5%.
Employment data on Friday showed mixed results. US non-farm employment change beat forecast for a 5th straight month, but average hourly earnings fell 0.1%, and the unemployment rate gained 0.2% against forecast.
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The euro rose on Monday reaching the highest level against the dollar since April 2022 as several European Central Bank officials signalled the bank will continue with its aggressive rate hikes.
