The Canadian Dollar has received a boost to it’s value after the GDP figures came out at 0.2% as expected in the early hours of this morning. This is actually a fall from the previous figure of 0.5% but with the figure meeting expectations the currency has gained almost across the board.
With the oil price weakening recently the Canadian Dollar has been under pressure due to it’s commodity currency status, but that hasn’t really affected the GBPCAD pairing as Sterling is under immense pressure and has been since June when the Brexit vote took place. The pound has been under increasing pressure in the last month as the currency lost 5% or so after UK Prime Minister, Theresa May announced that the end of March next year will be the time to invoke Article 50.
The governor of the Bank of England (Mark Carney) has been in the headlines this past week after speculation mounted that he planned on leaving his role quite soon, but fears over an earlier than planned exit were put at ease yesterday after it was announced that he’ll actually be extending his stay until 2019.
Despite being positive news for the UK economy (and the Pound as certainty usually boosts a currency), the Pound is once again under pressure and actually down against almost all major currency pairs at the time of writing.
I’m expecting Thursday to be the busiest day of the week as the BoE’s most recent interest rate decision will be announced. Feel free to get in touch if you wish to discuss the expected figures to be released and there likely impact on GBP exchange rates.
If you are planning a currency conversion involving the Pound and worth your time getting in contact with me on firstname.lastname@example.org in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.