As the Reserve Bank of Australia intimated that the ‘Aussie’s exchange rate will be influential when it comes to determining policy, and the Reserve Bank of New Zealand took steps to delay a rate increase, commodity-driven currencies fell.
The ‘Loonie’ softened against the majority of its most traded peers, including the US Dollar and a largely static Pound.
The Canadian Dollar Exchange Rate was in the region of 0.6134 against the British Pound as of 14:20 GMT
Against safe-haven rival the ‘Greenback’ the ‘Loonie’ approached a two week low.
The currency’s movement prompted this response from currency strategist Shaun Osborne; ‘There’s a bit of a drag from the Aussie and the Kiwi performance overnight. The Canadian Dollar has just been dragged lower by the performance of those currencies, just falling in sympathy.’
The CAD/GBP exchange rate hit a low of 0.6129
Local data also wore on the commodity-driven currency early into the North American session.
A report released by Statistics Canada showed that wholesale sales plummeted from a record high of 2.2 per cent in June, declining by 2.8 per cent in July.
This was the fastest drop since the beginning of 2009 and defied economists’ expectations for a decline of 0.5 per cent.
All seven categories responsible for making up the figure posted a fall.
Year-on-year wholesale sales were down by 1.4 per cent.
This latest result supports Governor of the Bank of Canada Stephen Poloz’s recent comments regarding Canada’s ‘choppy’ economic growth.
Tomorrow the CAD/GBP pairing could experience additional movement as a result of UK public sector borrowing figures, but the majority of market movement will be driven by news from the US.
The publication of minutes from the latest Federal Open Market Committee meeting, at 19:00 GMT, could inspire significant movement if speculation surrounding a September start to tapering US stimulus are realised.
Current Canadian Dollar (CAD) Exchange Rates:
< Down > Up
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9644 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7207 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6134 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0617 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2094 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6297 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0398 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3956 >
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8274 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9418 <
(Correct as of 14:20 GMT)
Comments are closed.