The Pound Sterling (GBP) has fallen by -0.3% against the Canadian Dollar (GBP/CAD) today, although elsewhere Sterling has had a phenomenal performance thanks to positive September Retail Sales figures.
Canadian CPIs to Decide Future GBP/CAD Movement
Like the Pound Sterling (GBP), the Canadian Dollar (CAD) has benefitted from positive Retail Sales figures today; this has been enough so in the case of the ‘Loonie’ to push it ahead of the Pound.
No UK data is out tomorrow so the next GBP/CAD movement is likely to occur from the Canadian CPIs instead; these have had polarised predictions overall.
Earlier…
The Pound Sterling (GBP) exchange rate has advanced by 0.9% against the Canadian Dollar (GBP/CAD) today; this has come about due to the Bank of Canada (BOC) downgrading its economic outlook for the second time in a row following an interest rate freeze.
UK Retail Sales Figure to Open Tomorrow’s GBP/CAD Exchange Rate Movement
The Pound Sterling (GBP) will have the first say in the GBP/CAD pairing tomorrow with the announcement of the positively forecast UK Retail Sales figure for September.
Earlier…
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has been on a minor uptrend today, although the Pound has been both boosted and undermined by recent events.
GBP/CAD Exchange Rate News: Chinese Nuclear Deal sets Sterling Glowing despite Bad Borrowing Figures
The Pound Sterling (GBP) has risen marginally against the Canadian Dollar (GBP/CAD) today, although other outcomes for Sterling have been far more positive. These have included rises of 0.5% against the Thai Baht (GBP/THB), 0.7% against the Australian Dollar (GBP/AUD), 0.9% against the South African Rand (GBP/ZAR) and 1% against the Russian Ruble (GBP/RUB).
The Pound has been seesawed today by domestic data and bi-national agreements, but the latter have won out to push Sterling up against the competition. For the former field, the UK Public Finances for September have risen from £0.7bn in August to £17.9bn, while the Public Sector Net Borrowing results have seen further borrowing by the UK government, although the amounts recorded were lower than anticipated.
With the more positive latter agreement, China’s visiting President Xi Jinping is expected to confirm today that China will be investing in the development of Hinkley Point C Nuclear Power Station as part of a set of deals estimated to exceed £30bn in value.
‘Loonie’ makes Middling Movement in CAD/GBP Pairing Today due to Commodity Dips and BOC Uncertainty
The Canadian Dollar (CAD) may have been temporarily boosted in value on Monday by the election of Justin Trudeau and his Liberal Party as Canada’s new leaders, but today has seen the ‘Loonie’ make unremarkable progress against most rivals ahead of the BOC interest rate decision. The Canadian Dollar has trended narrowly in the negative against the Pound Sterling (CAD/GBP) today, but has made gains of 0.3% against the New Zealand Dollar (CAD/NZD) and 0.5% against the Australian Dollar (CAD/AUD).
With yesterday’s Wholesale Sales for August posting negatively and today seeing a decline in the price of crude oil per barrel and gold per 100 ounces, the ‘Loonie’ has been moving cautiously due to the high-impact nature of the impending decision.
GBP/CAD Exchange Rate Forecast: BOC’s Interest Rate Decision Ahead along with MP Report
The next piece of data affecting the pairing will be one of the biggest of the week for the Canadian Dollar; the Bank of Canada (BOC) interest rate decision that is due to be announced today. At the time of writing, no change was expected from the current rate of 0.5%, but the Monetary Policy Report due for release at the same time will likely be of greater interest to investors, as it could detail possible dissent among policymakers over whether further rate cuts are necessary.
Current GBP, CAD Exchange Rates
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 2.0097 and the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.4982 today.
Comments are closed.