MUFG’s Lee Hardman notes that the Japanese Yen remains weak against the Dollar ahead of Japan’s Lower House election, with short JPY positions yet to see the broad liquidation seen in other trades.
The EUR/CAD cross gathers strength to around 1.6160 during the early European session on Friday. The Euro (EUR) edges higher against the Canadian Dollar (CAD) amid the differing approaches between the European Central Bank (ECB) and the Bank of Canada (BoC).
The Euro extends its losses on Thursday as the European Central Bank held rates unchanged in an uneventful monetary policy decision. Jobs data in the United States was softer than expected fueling speculation for rate cuts by the Federal Reserve. The EUR/USD trades at 1.1777, down 0.25%.