The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has risen noticeably today, while elsewhere the Pound has generally been on the ascendant against its other peers.
UK Economic News: HMRC’s Response to Global Tax Evasion Scandal could Support GBP in Future
The most recent domestic data from the UK has been the announcement of the construction output stats for March, which remained at the previous 54.2 points against forecasts of a fractional drop to 54.1.
While on initial appearance this has been positive, the reality is that this represents the slowest growth of UK construction since the beginning of 2013.
Elsewhere, the news has broken that details of countless individuals and organisations who ostensibly engage in tax avoidance practices have been leaked. Among these are world leaders, associates of heads of state and even UK political figures. In response to the news, HMRC has indicated that it will be investigating evidence thoroughly, which could potentially lead to sizable repayments being made to the UK government.
The Pound has advanced by 0.6% against the Canadian Dollar (GBP/CAD) and 1% against the Australian Dollar (GBP/AUD) today and has additionally risen by 1.5% against the flagging Russian Ruble (GBP/RUB).
Canadian Dollar (CAD) Loses Out as Commodity Prices Slip
The appeal of the Canadian Dollar (CAD) has been harmed lately, on account of the price of crude oil per barrel and gold per 100 ounces sliding in both instances. In the former case, a Saudi Arabian refusal to cut oil production has led to the global price of the commodity taking a hit.
The ‘Loonie’ has risen by 0.7% against the Australian Dollar (CAD/AUD) today, but has elsewhere fallen by -0.6% against the Pound Sterling (CAD/GBP) and the US Dollar (CAD/USD).
Future Currency Forecast: BoE and BOC Speeches due Today
The near future is set to bring speeches from both Bank of England (BoE) and Bank of Canada (BOC) officials; in the former case, BoE Director of General Insurance, Chris Moulder, is set to make a delivery this afternoon.
Following from this tomorrow will be a speech from BOC Senior Deputy Governor Carolyn Wilkins, who is scheduled to talk at the Vancouver Board of Trade.
Current GBP, CAD Exchange Rates
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 1.8583 and the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.5385 today.
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