As the North American session got underway the Canadian Dollar was able to advance on its rivals as better than forecast domestic and global news encouraged investors to turn to higher-risk assets.
The Canadian Dollar Exchange Rate was in the region of 0.6197 against the British Pound as of 14:15 GMT
Although the Pound has recorded broad based gains since the Bank of England published its inflation report yesterday, the commodity-driven currency staged a modest rebound as better-than-forecast trade data improved global trade prospects.
The main trigger for ‘Loonie’ gains was a report detailing unexpectedly strong trade data for China, with exports jumping by 5.1 per cent last month year-on-year following June’s 3.1 per cent decline.
As currency strategist Camilla Sutton observed: ‘Better trade data out of China has encouraged some risk appetite in Canada. It’s an encouraging outlook for what’s transpiring in the domestic economy after a spring and summer filled with disappointments for China.’
Trade data for Germany, the Eurozone’s largest economy, also beat expectations.
The CAD/GBP exchange rate hit a low of 0.6178
Canadian Dollar gains were extended after US initial jobless claims figures showed that applications for unemployment benefits rose by 333,000 in the week ending August 3rd, slightly less than the 335,000 estimated. The four-week moving average (a less volatile measure) dropped to 335,500 – its lowest level since the end of 2007.
Meanwhile, after yesterday’s lacklustre domestic building permits data Canada released a more positive new home price index. The gauge climbed by 0.2 per cent in June, better than the 0.1 per cent gain expected. Home prices were up 1.8 per cent on the year rather than the 1.7 per cent forecast.
The ‘Loonie’ edged away from a four-week low against the US Dollar
Current Canadian Dollar (CAD) Exchange Rates:
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9617 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7197 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6199 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0590 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2056 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6128 <
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0397 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3906 >
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8305 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9446 >
(Correct as of 14:15 GMT)
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