Pound Sterling (GBP) has recorded a loss of -0.4% against the US Dollar (GBP/USD) and a smaller dip into negativity against the Canadian Dollar (GBP/CAD) today, with the likely cause being the recent failure to reach any clear follow-ons from the questioning of Google and HMRC officials.
UK’s Construction Output Stats Incoming, Current Predictions Optimistic
The next data due out of the UK will come tomorrow morning, in the form of December’s construction output results, which have been predicted to rise, for a change.
Earlier…
The Pound Sterling to US Dollar (GBP/USD) exchange rate has slumped today while the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has flatlined.
GBP/USD, GBP/CAD Exchange Rate News: Slow Data Day Sees Google Tax Debacle Resurface
Pound Sterling (GBP) has slumped today, mainly on account of a severe impactful data shortage shifting the focus onto detrimental economic news.
One of the two most notable developments has come from the Confederation of British Industry (CBI), who have cut their UK growth forecasts for 2016 and 2017 by -0.3% each. As it stands, the current predictions are for 2.3% growth in the former year and 2.1% in the latter.
Elsewhere, MPs have been firing questions at Google official Matt Brittin, who is in the spotlight for the recent tax deal which appeared to show avoidance measures being utilised by the global tech giant. Most of Brittin’s responses so far have been directed back at the UK’s taxation system, which has repeatedly been implied as facilitating tax-dodging loopholes.
The Pound’s many losses today have include -0.6% against the US Dollar (GBP/USD), -0.8% against the Euro (GBP/EUR) and -2% against the Japanese Yen (GBP/JPY). On the plus side, the UK currency has trended narrowly against the Canadian Dollar (GBP/CAD) and risen by 0.3% against the Mexican Peso (GBP/MXN).
US Dollar (USD) Solidifies Today while Canadian Dollar (CAD) Largely Drops Off
The US Dollar (USD) has risen by 0.5% against the Canadian Dollar (USD/CAD) and 0.6% against the Pound Sterling (USD/GBP) today, something that has largely been triggered by a disastrous start for China’s economic New Year driving up the appeal of the ‘Buck’.
The Canadian Dollar has made mixed gains so far today, having risen by 0.3% against the Australian Dollar (CAD/AUD) but fallen by -0.5% against the US Dollar (CAD/USD) and -0.7% against the Euro (CAD/EUR).
With no actual direct data to refer to, the ‘Loonie’ has likely been seesawed by the spiking price of gold being offset by the WTI crude oil price hitting $26.49 per barrel today.
GBP, USD, CAD Exchange Rate Forecast: Canadian Housing Stats and US Claims Figures due Today
For the rest of the day, only US and Canadian economic announcements are due; these will respectively be the US’s optimistically forecast January/February claims stats and Canada’s December housing price index results.
Current GBP, USD, CAD Exchange Rates
The Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.4410, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6939, the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 2.0179, the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.4960, the US Dollar to Canadian Dollar (USD/CAD) exchange rate was trending in the region of 0.6940 and the Canadian Dollar to US Dollar (CAD/USD) exchange rate was trending in the region of 0.7143 today.
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