Euro Surges Against the Loonie as German Trade Booms and Oil Prices Stumble

The Euro has rallied against the Canadian Dollar, trading near 1.6210, propelled by a stellar May German trade surplus of €19.1 billion that defied market expectations through a sudden surge in exports and a decline in imports. In contrast, the commodity-dependent Canadian currency weakened as West Texas Intermediate crude dropped below $73 a barrel, dragging the oil-sensitive CAD down with it. However, this oil-driven slump could be fleeting, as escalating US-Iran military strikes over the strategic Strait of Hormuz threaten to disrupt global energy markets and abruptly send crude prices back up.

MIB is seen in the green by 0.9%, or 440.0 points, after closing down 1.2% at 51,817.25, In Europe, the DAX 40 is headed for a gain of 0.9%, or 214.0 points, the CAC 40 is up 1.0%, or 82.2 points, while the FTSE 100 is expected to rise 0.4%, or 43.7 points.