The North American currencies of the Canadian and US Dollars have had a mixed day with the ‘Loonie’ weakened against the Pound whilst the US Dollar was trading higher.
The ‘Greenback’ spent much of the session higher against the Pound but softened in the afternoon as investors continued to be spooked by Tuesday’s disappointing jobs data and increased expectations that the Federal Reserve will choose to put off a cut to its monetary easing programme until next year, a move that softens the US Dollar against emerging market currencies. The currency benefitted from an increased demand for safe havens as concerns grows that the global economy is showing signs of a slowdown.
The Canadian Dollar meanwhile slipped to its lowest level in a week against its US relation as the afternoon progressed due to the Bank of Canada delivering its Interest rate decision for October.
The Central Bank chose to maintain interest rates at 1% but reduced its forecast for economic growth over the rest of the year. It reduced its prediction from a 1.8% rise to 1.6%. For 2014 it predicts that the Canadian economy will grow by 2.3% and in 2015 by 2.6%.
“Uncertain global and domestic economic conditions are delaying the pick-up in exports and business investment, leaving the level of economic activity lower than the Bank had been expecting,” policy makers led by Bank Governor Stephen Poloz, said in a statement from Ottawa today. The document dropped a phrase from the last decision about the expected “gradual normalization” of monetary policy.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6193
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7270
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0326
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6146
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3755
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9683
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7040
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5997
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6673
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0326
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4204
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8648
(Correct as of 15:30 pm GMT)
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