The Pound Sterling (GBP) has made marginal gains against the Canadian Dollar (GBP/CAD) and the US Dollar (GBP/USD) today, following the release of some generally positive UK data and news.
GBP/CAD, GBP/USD Exchange Rate News: Chinese Developments keep Sterling Afloat after UK Loans Data Shortfall
The Pound Sterling (GBP) has trended narrowly against the North American currencies (CAD, USD) today on the last day of UK data for the week. Against most other rivals, the Pound has made little movement, although some significant rises have still been recorded. Most notably, advances of 0.5% against the South African Rand (GBP/ZAR), 0.7% against the Australian Dollar (GBP/AUD), 0.8% against the Turkish Lira (GBP/TRY) and 2.3% against the Norwegian Krone (GBP/NOK) have been seen.
The only piece of domestic UK data, the BBA Loans for House Purchases for August, failed to rise to the expected figure of 47000 today, although positive growth compared to July’s figure from 46315 to 46743 was still recorded. Elsewhere for the Pound, Chancellor George Osborne has concluded his five-day visit to China by opening up bidding on the HS2 line for Chinese investment. Although the announcement was met with some support, the fact that the planned high-speed route heading northwards from London hasn’t yet been approved in Parliament reduced the positive impact of this news.
‘Loonie’ is a Lame Duck following Yesterday’s Negative Data, US Dollar Climbs Overall on Fed Speeches
The Canadian Dollar (CAD) has trended narrowly in negatives against the Pound Sterling (CAD/GBP) and the US Dollar (CAD/USD) today. Against other rivals, the ‘Loonie’ has fallen by -0.2% against the New Zealand Dollar (CAD/NZD) and risen by 0.6% against the Australian Dollar (CAD/AUD). The main reason for the lacklustre performance of the Canadian Dollar has been a lingering dissatisfaction over the last Canadian results of the week, which came out yesterday. The Retail Sales figures for July both failed to meet with expectations: the base result grew but failed to reach 0.7%, while the variant Less Autos fell from 0.5% to 0%.
For the US Dollar (USD), a positive trending against the Canadian Dollar (USD/CAD) has been seen, along with a negative trending against the Pound Sterling (USD/GBP). The worst loss has been by -0.3% against the Swiss Franc (USD/CHF) while rises of more than 0.5% against the South African Rand (USD/ZAR) and the Australian Dollar (USD/AUD) along with 2.1% against the Norwegian Krone (USD/NOK) have been posted. The ‘Buck’ has been bolstered recently by a stream of hawkish speeches from Fed Bank of Atlanta President Dennis Lockhart over the past three days; Lockhart has significantly not ruled out an interest rate hike before the end of the year as a possibility.
GBP, CAD, USD Exchange Rates Forecast: ‘Greenback’ to Set the Pace into the Weekend
The UK and Canada have no further economic releases due this week, so the eyes of speculators will now shift to the US Dollar for the rest of today and tomorrow. Along with the influential Durable Goods Orders result for August (out today), speeches by Fed officials such as Chair Janet Yellen and Presidents James Bullard and Esther George will be closely scrutinised ahead of the weekend.
Current GBP, CAD, USD Exchange Rates
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 2.0374, the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.4914, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.5277, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6546, the Canadian Dollar to US Dollar (CAD/USD) exchange rate was trending in the region of 0.7501, and the US Dollar to Canadian Dollar (USD/CAD) exchange rate was trending in the region of 1.3335 today.
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