Pound Sterling (GBP) has fallen by -0.2% against the Canadian Dollar (GBP/CAD) today, something likely caused by the fractional rise in the price of crude oil per barrel to $29.19 today.
UK’s Crucial Ecostats due Shortly, later ‘Loonie’ Data Considered Low-Impact
The near future will see the announcement of the UK’s Earnings, Claims and Unemployment stats, while the afternoon will bring the unlikely-to-be-impactful Canadian International Securities Transactions result for December.
Earlier…
Pound Sterling (GBP) has flopped by -0.6% against the Canadian Dollar (GBP/CAD) today, as the repercussions of the only impactful UK data of the day have continued.
Potential for GBP Uptrend Tomorrow Morning if Forecasts Prove Accurate
The near future will see a range of UK economic announcements, although the real test for Sterling (GBP) will be ensuring that the nation’s slowdown-predicted wage growth doesn’t drag down the better-forecast unemployment and claims results also scheduled for release.
Earlier…
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has slumped today, with the Pound being on a general downtrend.
GBP/CAD Exchange Rate News: UK Inflation Data Softens Sterling Today
Pound Sterling (GBP) has declined sharply against virtually all of its competitors today. Notable losses have included -0.6% against the Euro (GBP/EUR) -0.7% against the Canadian Dollar (GBP/CAD), -1.1% against the Japanese Yen (GBP/JPY) and -1.2% against the Mexican Peso (GBP/MXN). The only gain of note has been a small one against the New Zealand Dollar (GBP/NZD).
While the Pound opened the day on a relative high note, the crucial tipping point was the morning’s announcement of the UK’s Inflation Rate figures for January. While the base annual result rose from 0.2% to 0.3%, the best in a year, the monthly and core yearly figures both fell by worse-than-predicted amounts.
The fact that 0.3% is a far cry from the Bank of England’s (BoE) desired inflation rate of 2% only added to the mounting misery, over the seemingly unrealistic aspirations of policymakers.
Canadian Dollar (CAD) Steady After Housing Data
While its performance against other currencies has been more mixed, the Canadian Dollar (CAD) has nonetheless beaten Pound Sterling (GBP) today on overall performance, with the gains seen resulting from the afternoon’s existing home sales for January, which have risen from -0.6% to 0.5%.
‘Loonie’ advances today have included 0.8% against the Pound Sterling (CAD/GBP) and 0.7% against the New Zealand Dollar (GBP/NZD).
GBP/CAD Exchange Rate Forecast: UK Data Chunk Out Tomorrow, Next Major Releases on Friday
The next pairing-centric data will be out tomorrow morning in the form of the UK’s Earnings, Claims and Unemployment results for December and January.
At the time of writing, forecasts were for a drop in the jobless claims change of -3k, a slide in average weekly earnings from 2% to 1.9% and an optimistic reduction for the ILO unemployment rate from 5.1% to 5%.
While Canadian announcements are out before Friday, they are considered to be low impact and aren’t as likely to have an impact on GBP/CAD trading as Friday’s UK retail sales numbers.
Current GBP, CAD Exchange Rates
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 1.9831 and the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.5048 today.
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