The Pound Sterling (GBP) has declined by 0.3% against the Canadian Dollar (GBP/CAD) today, potentially due to last night’s parliamentary approval of UK-conducted airstrikes extending into Syria to combat extremists there. The primary targets have been oil-related, which has driven the commodity price up slightly.
UK PMIs Imminent, ‘Loonie’ may be affected by US Data This Afternoon
The Pound Sterling (GBP) will be affected by the impending UK Composite and Services PMIs for November (both predicted to hit 55), while the Canadian Dollar (CAD) may still be affected by today’s US ISM Non-Manufacturing Composite, despite not having any direct domestic data to speak of.
Earlier…
The Pound Sterling (GBP) has declined by -0.9% against the Canadian Dollar (GBP/CAD) today. The ‘Loonie’ (CAD) has conversely rallied on the Bank of Canada (BOC) Interest Rate Decision, which has seen a freeze at 0.50%.
Canadian Employment Data due on Friday, UK PMIs out Tomorrow
No further Canadian data is due out until Friday’s November Full Time Unemployment Change figures, while tomorrow will bring the mixed-forecast UK Composite and Services PMIs for the same month.
Earlier…
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has declined marginally today, with greater losses also being recorded against many of the Pound’s (GBP) other peers.
GBP/CAD Exchange Rate News: Second Consecutive Day of Declining PMIs see the Pound Laid Low
The appeal of Pound Sterling (GBP) has been largely reduced today by the UK November Construction PMI, which has come in far worse than expected. The figure had been forecast to fall from 58.8 to 58.5, but instead printed at a lower 55.3. This negative effect has stacked with yesterday’s poor Manufacturing result.
Among the Pound’s many losses today have been a small decline against the Canadian Dollar (GBP/CAD) and greater deteriorations of -0.3% against the Australian Dollar (GBP/AUD), -0.6% against the Turkish Lira (GBP/TRY), -0.7% against the Russian Ruble (GBP/RUB) and -1% against the South African Rand (GBP/ZAR). The only notable positive movements for the Pound have been marginal increases against the Czech Koruna (GBP/CZK) and the Danish Krone (GBP/DKK).
Canadian Dollar (CAD) in Tight Trending Today on Mixed Commodity Prices
The Canadian Dollar (CAD) has posted a 0.2% rise against the Pound Sterling (CAD/GBP) today and a similar gain against the Euro (CAD/EUR), but has otherwise been in a tight range against its economic peers.
The most recent Canadian data has been detrimental, with yesterday’s monthly and annual September GDP falling to 0% and -0.5% respectively. Today, the price of gold per 100 ounces has risen slightly to $1066.4 but the cost of crude oil per barrel has dipped to $41.37.
GBP/CAD Exchange Rate Forecast: BOC Interest Rate Decision due This Afternoon, UK PMIs Tomorrow
The Canadian Dollar (CAD) will have the next say in the movement of the GBP/CAD exchange rate, as the Bank of Canada (BOC) Interest Rate Decision (the last of the year) is due this afternoon. At the time of writing, predictions are for no change to the rate, which currently stands at 0.50%. As always, however, the ‘Loonie’ may still be moved by the price of crude oil and gold before and after this announcement.
Further ahead, the Pound (GBP) will again impact the pairing due to more UK PMIs being released tomorrow – these are the Composite and Services PMIs for November. As of writing, forecasts were for a fall from 55.4 to 55 for the former figure and a rise from 54.9 to 55 for the latter.
Current GBP, CAD Exchange Rates
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 2.0112 and the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.4978 today.
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