Euro steady against Canadian Dollar as oil prices soften

0.1% was the monthly decline in Germany’s final October HICP. Annual growth was confirmed at 2.8%.
Lower crude prices weigh on the commodity-linked Canadian Dollar, helping EUR/CAD retain its footing.
Easing US-Iran tensions and prospects for a diplomatic settlement put pressure on WTI.

1.5840 is the approximate level for EUR/CAD during Wednesday’s European session. The cross edges up after a modest decline the previous day, maintaining its footing following Germany’s final inflation release.

October’s final German Harmonised Index of Consumer Prices (HICP) readings matched the preliminary estimates: a monthly decline of 0.1% and annual growth of 2.8%. September had recorded increases of 0.6% month on month and 3.3% year on year.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

ECB repricing drives European sovereign sell-off alongside US losses

Investors pricing in a more hawkish ECB path drove European sovereign bond losses. Deutsche Bank analysts observe that “earlier in Europe, there was a major selloff for sovereign bonds too, although not quite as big as in the US,” and highlight sharp increases in Bund, OAT and BTP yields. They note that markets have almost fully priced in a December ECB rate rise, with additional tightening factored in through the June 2027 meeting.

Around $85.20 per barrel at the time of writing, West Texas Intermediate (WTI) oil is extending its decline into a fourth consecutive day. Cheaper oil weighs on the commodity-linked Canadian Dollar (CAD), allowing EUR/CAD to hold its ground.

Signs of reduced US-Iran tensions are driving crude prices lower. Optimism over a possible diplomatic settlement increased after US President Donald Trump indicated that further military strikes against Iran may no longer be needed. Congressional Democrats, meanwhile, are weighing whether to use the approaching government funding deadline to press the Trump administration to end the conflict.

Euro Performance Today

The Euro (EUR) performed best against the Swiss Franc today. Its percentage changes against the major currencies listed are set out in the table below.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.14%	0.17%	0.03%	0.17%	-0.09%	0.09%	0.33%
EUR	-0.14%		0.03%	-0.11%	0.03%	-0.24%	-0.03%	0.18%
GBP	-0.17%	-0.03%		-0.15%	-0.00%	-0.27%	-0.06%	0.15%
JPY	-0.03%	0.11%	0.15%		0.13%	-0.13%	0.07%	0.28%
CAD	-0.17%	-0.03%	0.00%	-0.13%		-0.26%	-0.06%	0.15%
AUD	0.09%	0.24%	0.27%	0.13%	0.26%		0.22%	0.41%
NZD	-0.09%	0.03%	0.06%	-0.07%	0.06%	-0.22%		0.22%
CHF	-0.33%	-0.18%	-0.15%	-0.28%	-0.15%	-0.41%	-0.22%

Percentage movements between major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. For instance, choosing the Euro on the left and following that row across to the US Dollar gives the percentage change for EUR (base)/USD (quote) in the corresponding cell.