Euro resilience against the Canadian dollar follows better-than-expected Eurozone manufacturing PMI despite weak German retail sales.
The Euro traded around 1.6180 against the Canadian dollar on Monday, maintaining gains despite mixed German economic data. Germany’s retail sales fell 1.1% month-on-month in June, worse than the expected 0.5% decline, while annual sales dropped 0.2% after a 2.1% rise in May.
Support for the Euro came from stronger manufacturing activity. Germany’s Manufacturing PMI rose to a four-month high of 52.2 in July, up from 50.3 in June. The Eurozone PMI also improved to 51.9, marking the strongest factory conditions since April.
European equities advanced as Brent crude retreated 6.88% to $90.12 per barrel, easing geopolitical concerns linked to US-Iran tensions.