The Pound Sterling (GBP0 has made minor losses against both the US Dollar (GBP/USD) and the Canadian Dollar (GBP/CAD) today, potentially due to the recent news that Royal Bank of Scotland (RBS) has been hit with yet more charges.
RBS becomes Living History Lesson Today with PPI, Bailout Reminders and Pension Woes
The dive in the share price for RBS has directly impacted the company’s shareholders, who at the present time are mostly made up of members of the public.
With the 2008 financial crisis and subsequent bailout of the bank, investors are rightly wary of any news concerning the beleaguered institution, which has recently revealed that the last time a profit was made was in 2007.
Earlier…
The Pound Sterling (GBP) has risen to 0.6% against the US Dollar (GBP/USD) today but slipped to a worse -0.9% against the Canadian Dollar (GBP/CAD).
Oil Price Spike Angles Up to Boost ‘Loonie’ (CAD) Today
The prices of commodities have influenced the value of the Canadian Dollar (CAD) dramatically today, with the steady upwards movement for the prices of both crude oil and gold serving to elevate the ‘Loonie’ to a higher position.
Earlier…
The Pound Sterling (GBP) has made a minor gain against the US Dollar (GBP/USD) today but a worse loss of -0.6% against the Canadian Dollar (GBP/CAD), with the likely shifters being Mark Carney and the rising price of crude oil.
US PMIs due This Afternoon, along with Confidence Score
Regarding the Pound (GBP) and the ‘Loonie’ (CAD), the former has been supported by steady answers from Bank of England (BoE) Governor Mark Carney to the Treasury Select Committee, while the latter has been bolstered by a marginal rise in the price of crude oil per barrel.
In the near future, the trinity is set to be moved by the pessimistically forecast US Services PMI for January as well as the non-estimated Composite PMI and stagnation-predicted Consumer Confidence score for the same month.
Earlier…
The Pound Sterling (GBP) has fallen by -0.4% against the US Dollar (GBP/USD) and by -0.3% against the Canadian Dollar (GBP/CAD) today; these losses have largely been caused by the intense degree of uncertainty surrounding the implications of a ‘Brexit’ vote.
US Consumer Confidence due Today, Little Change Currently Expected
With no UK data to react to yet, investors focusing on the pairings present will have to wait until this afternoon before any real movement can be observed. This shift should be triggered by the US January Consumer Confidence result due out, which at the time of writing was forecast to remain at 96.5 points.
Earlier…
The Pound Sterling to US Dollar (GBP/USD) exchange rate has fallen slightly today, while the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has conversely risen. Overall, the Pound (GBP) has been softened by a great degree of investor uncertainty regarding the UK Referendum. This represents a significant deterioration for the Pound compared to the same time last week.
GBP to USD, CAD Exchange Rate News: Cameron’s Davos Message Sparks Fire in ‘Brexit’ Campaigns
After months of apparent inactivity, the ‘In’ and ‘Out’ campaigns for the UK Referendum have both fired into life today, with supporters on both sides apparently reacting to PM David Cameron’s plea last week for ‘In’ business owners to make their voices heard.
Thanks to the flurry of movement on both sides, Credit Suisse has weighed in on the proceedings by presenting a case for a June referendum vote. The organisation has stated that: ‘Ministers have calculated that roughly four months are required between the announcement of the referendum and the referendum [vote]. Our base-case scenario is for the referendum to be held in June 2016, but any delays in the renegotiation could push it out further’.
Among the Pound’s (GBP) losses today have been a minor decline against the US Dollar (GBP/USD), -0.3% against the Euro (GBP/EUR) and -0.5% against the Czech Koruna (GBP/CZK). More positive movements have included 0.5% against the Canadian Dollar (GBP/CAD) and 0.7% against the Russian Ruble (GBP/RUB).
US Dollar (USD) Softens Today while Canadian Dollar (CAD) Crumbles
The value of the US Dollar (USD) has been in serious doubt today, with a weak overall performance being seen. The Canadian Dollar (CAD), by contrast, has crashed against the competition to a large degree.
In addition to being hit by Storm Jonas and snowed under during the weekend, the US has also been harmed economically by the recent downward movement in the price of crude oil per barrel. This has equated to a lack of movement against the Pound Sterling (USD/GBP) and a 0.6% gain against the beleaguered ‘Loonie’ (USD/CAD).
The Canadian Dollar (CAD) has fared far worse, having crashed in the aftermath of what appeared to be productive and positive talks by PM Justin Trudeau in Davos last week.
This lack of investor confidence has translated to losses of -0.5% against the Pound Sterling (CAD/GBP) and the US Dollar (CAD/USD) and a -0.8% slump against the Euro (CAD/EUR).
GBP, USD, CAD Exchange Rate Forecast: US Data to Dominate Tomorrow’s Movements
With no UK or Canadian data out until Wednesday at the earliest, the next movement for the trinity is set to be solely US-focused.
Tomorrow will bring, among other printings, the US Consumer Confidence result for January, which is expected to remain at 96.5 points.
On Wednesday, the UK’s Nationwide House Prices for January will be released, along with the more high-impact Federal Open Market Committee (FOMC) Interest Rate Decision, the first of 2016.
Current GBP, USD, CAD Exchange Rates
The Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.4269, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.7010, the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 2.0260, the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.4941, the US Dollar to Canadian Dollar (USD/CAD) exchange rate was trending in the region of 1.4198 and the Canadian Dollar to US Dollar (CAD/GBP) exchange rate was trending in the region of 0.7046 today.
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