The euro strengthened against the other major currencies in the early European session on Monday, after data showed that Eurozone manufacturing growth improved marginally in April. Traders also await the comments from European Central Bank President Mario Draghi, due later in the day.

Data from Markit showed that the eurozone factory Purchasing Managers' Index rose to 51.7 in April from 51.6 in March and above the flash score of 51.5. It was also over the long-run survey average of 51.4.

Germany's manufacturing PMI climbed to a three-month month of 51.8 in April from 50.8 in the prior month. But, it was just below the flash score of 51.9.

In France, manufacturing downturn deepened in April. The factory PMI slipped to 48.0 in April from 49.6 in the preceding month. The flash estimate was 48.3.

In the Asian session today, the euro traded higher against its major rivals.

In the early European trading, the euro rose to nearly a 7-month high of 1.1484 against the U.S. dollar and nearly a 2-week high of 1.4415 against the Canadian dollar, from early lows of 1.1448 and 1.4367, respectively. If the euro extends its uptrend, it is likely to find resistance around 1.15 against the greenback and 1.47 against the loonie.

Against the pound and the Swiss franc, the euro advanced to a 10-day high of 0.7855 and a 5-day high of 1.1007 from early lows of 0.7825 and 1.0968, respectively. The euro may test resistance near 0.81 against the pound and 1.10 against the franc.

The euro edged up to 1.5086 against the Australian dollar, from an early low of 1.5041. This may be compared to an early 3-week high of 1.5097. On the upside, 1.55 is seen as the next resistance level for the euro.

Against the yen and the NZ dollar, the euro edged up to 122.24 and 1.6395 from early lows of 121.70 and 1.6342, respectively. The euro may test resistance near 127.00 against the yen and 1.68 against the kiwi.

Looking ahead, U.S. manufacturing PMI for April and construction spending data for March are due to be released in the New York session.

At 10:00 am ET, European Central Bank President Mario Draghi is expected to speak at the Asian Development Bank's 49th Annual Meeting, in Frankfurt.

At 1:25 pm ET, Swiss National Bank Governing Board Chairman Thomas Jordan is expected to speak about the euro and Swiss monetary policy at the Europa Forum, in Luzern.

Euro vs CAD (FX:EURCAD)
Forex Chart
Von Feb 2024 bis Mär 2024 Click Here for more Euro vs CAD Charts.
Euro vs CAD (FX:EURCAD)
Forex Chart
Von Mär 2023 bis Mär 2024 Click Here for more Euro vs CAD Charts.