CAD showing strength against GBP and mixed results against EUR and USD
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Daily Currency Update
With no major economic data releases due to a bank holiday, the focus remains on international developments. The Canadian Dollar (CAD) is influenced by movements in the Eurozone and the UK. The Euro (EUR) has gained strength today, buoyed by Germany's robust Final Services PMI and the Eurozone's stable PMI figures. Similarly, changes in expectations surrounding the Bank of England's monetary policy have impacted the GBP's performance. Overall, the CAD is showing strength against GBP and is experiencing mixed results against EUR and USD.Key Movers
International developments continue to shape the CAD's performance. The German Final Services PMI exceeded expectations at 52.5, while the Eurozone's PMI met predictions at 51.9. In the UK, the BoE's interest rate futures now fully account for two quarter-point rate cuts by December, a departure from last week's forecast, which anticipated only one cut with a possible second. This change reflects an increased belief that the BoE must adopt more accommodative measures to address economic challenges. Consequently, the GBP has declined against the USD, CAD, and EUR. Meanwhile, the EUR has gained ground against GBP, USD, and CAD.Expected Ranges
- EUR/CAD: 1.5126 - 1.5227 ▲
- GBP/CAD: 1.7632 - 1.7774 ▼
- AUD/CAD: 0.8853 - 0.9042 ▼
- USD/CAD: 1.3809 - 1.3946 ▼