In early European deals on Friday, the Canadian dollar soared against the currencies of U.S., Europe and Australia as investors await Canada's GDP report for May, which is due at 8:30 am ET. The loonie jumped to a 2-day high against the euro.
Crude oil slipped today as Asian and European equities dropped on mounting concern about the health of the U.S. economy. At 5:26 am ET, U.S. September crude lost 73 cents to $77.63 a barrel.
Investors also remained cautious ahead of the U.S. second quarter GDP report, which is also due at 8:30 am ET.
The Chicago PMI for July and the University of Michigan's final report on consumer confidence for July are expected at 9:45 am and 9:55 an ET, respectively.
The Canadian dollar gained against the euro during early European deals on Friday. At present, the loonie is trading at a 2-day high of 1.3442 per euro, compared to Thursday's close of 1.3568. The next upside target level for the loonie is seen at 1.327.
German retail sales, Euro-zone unemployment rate and CPI, Italian PPI and CPI, which were released today likely influenced the euro.
During early European session on Friday, the Canadian dollar advanced against the U.S. currency. The loonie is now worth 1.0328 against the greenback with 1.028 seen as the next upside target level. At yesterday's close, the greenback-loonie pair was worth 1.0374.
The Canadian dollar rose against the Australian dollar in early European deals on Friday and reached a high of 0.9282 at 4:15 am ET. As of now, the loonie is worth 0.9290 against the aussie, compared to yesterday's closing value of 0.9342. If the Canadian dollar rises further, it may likely target the 0.921 level.
The Canadian dollar that fell to an 8-day low of 83.27 against the yen in early Asian deals on Friday recouped some of its losses in late trading and the pair largely remained unchanged during early European session. Presently, the loonie-yen pair is worth 83.54. The pair closed yesterday's trading at 83.71.
The yen jumped in early Asian deals as traders moved toward safe-haven currencies on disappointing Japanese economic reports.
Data released by the Ministry of Internal Affairs and Communications showed that the unemployment rate in Japan rose to a seasonally adjusted 5.3% in June, slightly higher than analyst expectations for a 5.2% increase.
Meanwhile, industrial production in Japan declined 1.5% in June compared to the previous month, the Ministry of Economy, Trade and Industry said in a preliminary report. That was sharply lower than analyst expectations for a 0.2% increase following the 0.1% monthly gain in May. On an annual basis, industrial production climbed 17%, again missing forecasts for an 18.9% increase after surging 20.4% in the previous month.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.