With Canadian economic news pretty thin on the ground this week the commodity driven currency has been fluctuating in response to global economic developments.
The Canadian Dollar Exchange Rate was in the region of 0.6355 against the British Pound as of 14:30 GMT
Today’s UK construction data far exceeded estimates and the ‘Loonie’ fell against a broadly strengthening Pound.
While economists expected a gauge of UK construction to rise to 51.5 in July it actually surged to 57.0, indicating that the nation’s economic recovery is starting to gather momentum.
The CAD/GBP exchange rate hit a low of 0.6335
However, after posting its most significant decline against the US Dollar for five weeks yesterday, the ‘Loonie’ was able to pare losses during the local session as US employment figures failed to hit forecasts.
While the US unemployment rate dropped to 7.4 per cent, better than the decline to 7.5 per cent expected, the economy added 162,000 jobs in July rather than the 185,000 hoped for.
Average hourly earnings in Canada’s largest trading partner also slipped by 0.1 per cent instead of advancing 0.2 per cent.
The slightly disappointing result supports the case for the US Federal Reserve maintaining its current level of asset purchases for the foreseeable future.
As analyst Joe Manimbo comments, the figures ‘basically fall in line with the tone we heard from the Fed this week in their statement that policy would continue for the time being [that’s] supportive to Canada’s Dollar.’
Canadian data to watch out for next week includes buildings permits figures for June, the Ivey Purchasing managers index for July, the new housing price index and Canadian employment figures.
Current Canadian Dollar (CAD) Exchange Rates:
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9625 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7280 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6355 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0798 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2260 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5784 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0393 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3736 >
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8147 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9258 >
(Correct as of 14:30 GMT)
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