Euro Dips Against Canadian Dollar After HCOB PMI Data Release

The Euro (EUR) has dipped against the Canadian Dollar (CAD), ending its four-day winning streak, as investors react to the latest HCOB PMI data release for Germany and the broader Eurozone.

The Preliminary figures for September point to moderate expansion across the Eurozone, with services sector activity expected to edge up slightly to 51.7 from August's 51.6, while manufacturing remains steady at 52.7.

In Germany, business activity presented a mixed picture across sectors. Manufacturing output slowed unexpectedly, with the HCOB Manufacturing PMI dropping to 53.8, falling short of the estimated 54.5 and the previous reading of 54.3.

However, this slowdown was offset by a strong rebound in the service sector, where the PMI jumped to 52.9 from 49.7 in August, signaling a return to expansionary territory above the 50.0 threshold.