The Canadian Dollar once more softened against the Pound to trade close to its lowest-level in over three years.
The ‘Loonie’ was also weaker against the Euro and US Dollar after Statistics Canada released data which showed that the nation’s current account deficit narrowed less than expected in the third quarter of 2013. The trade gap narrowed to C$15.9 billion, less than the C$14.4 billion expected by economists.
“Very disappointing Canadian current account data, A significant downgrade in the second quarter report and the then the third quarter report coming significantly below market forecast says there really hasn’t been that shift away from domestic demand and the reorientation to export growth the Bank of Canada is looking for as a signal to hike interest rates,” said a currency market analyst at Monex Europe Ltd in a phone interview with Bloomberg.
The Pound meanwhile strengthened against the majority of its peers after Bank of England Governor Mark said that the UK Central Bank will end providing incentives for the help to buy mortgage lending scheme. He said that the BOE’s funding for the lending scheme will now only apply to businesses and would no longer be available for home loans. The comments eased investor concerns that the UK was heading for a housing price bubble which would negatively impact the nation’s economy.
The US Dollar saw light trading due to the US market being shut for the Thanksgiving holiday, tomorrow will also see light trading.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6122
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7354
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0578
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6332
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3597
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9453
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.6952
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5788
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0578
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4382
(Correct as of 16:30 pm GMT)
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