In a heavy news day the Pound has come up trumps, with the Bank of England’s decision to leave fiscal policy unaltered helping the British asset consolidate gains against peers like the Euro and Australian Dollar. However, the BoE’s warning regarding the strength of the Pound’s exchange rate saw Sterling soften slightly against the US Dollar and fluctuate against the Canadian Dollar.
The Canadian Dollar Exchange Rate was in the region of 0.5977 against the British Pound as of 15:05 GMT
Tomorrow’s Canadian employment data is expected to show that the commodity-driven economy added 13,500 positions in October while the nation’s unemployment rate rose from 6.9 per cent to 7.0 per cent (an indication that job creation is slowing) but the ‘Loonie’ was supported against the majority of its most traded rivals as crude oil climbed.
The CAD/GBP exchange rate hit a low of 0.5948
The Canadian Dollar held its own against the Pound but softened against a broadly strengthening ‘Greenback’ as the US GDP report showed that the world’s largest economy grew by more than anticipated in the third quarter.
Economists had expected the US economy to expand by 2.0 per cent in the third quarter, year-on-year, after growing by 2.5 per cent in the second, but it actually grew by 2.8 per cent.
As the US is Canada’s main trading partner this is good news for the latter nation’s own economic outlook, but the ‘Loonie’ dropped back to trade in the region of a two-month low against its US counterpart.
If tomorrow’s Canadian employment data surprises to the upside, the CAD/GBP pairing could record additional gains before the week comes to a close.
However, UK trade balance data will also be of interest and investors will largely be focusing on tomorrow’s influential US non-farm payrolls report.
A better-than-expected US jobs report could reignite speculation surrounding the likelihood of the Federal Reserve tapering stimulus before next Spring.
Current Canadian Dollar (CAD) Exchange Rates:
< Down > Up
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9600 –
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7168 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5977 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0120 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1473 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6736 <
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0441 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3922 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8715 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9883 <
(Correct as of 15:05 GMT)
Comments are closed.