Will GBP continue its recovery against CAD, and how is the presidential election result likely to affect GBP/CAD rates (Joseph Wright)

GBP EUR Slumps as British PMI Data Disappoints

It’s likely to be a busy night and following day for exchange rates across the board, as the outcome of the US Presidential Election is likely to be announced in the early hours tonight.

It seems like the calm before the storm as Sterling exchange rates have been trading within relatively thin volumes over the past trading session, as investors await the outcome of the presidential race.

Today economic data has done little to move markets, and most pairs are likely to be driven by which candidate comes out on top.

The Canadian Dollar is likely to weaken quite dramatically in the event of a Trump victory, as the candidate has threatened to rip up the North American Trade agreement. Last week when Clinton was being investigated by the FBI for the second time this year the Canadian Dollar struggled so I’m expecting to see a more drastic move in the Loonie’s value should Trump be victorious.

Sterling has been buoyed recently after the High Court ruled that the initiation of the Brexit process must be voted on by parliament, which favours a ‘Soft Brexit’ which has been Sterling positive news since talk of the vote begun.

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