The Pound has had quite a positive day during today’s trading session, after some better than expected economic data was released this morning.
After a disappointing day yesterday when it was revealed that the construction sector shrunk for the first time in a year, the mood changed this morning as the services sector data came out better than expected.
The services sector is very important in the UK and data surrounding it tends to have a big impact on Sterling exchange rates as the sector covers over two-thirds of the UK’s economy.
Today’s positive reading was met with positivity by the markets and Sterling is up against almost all major currency pairs.
Data due out this week that could impact the GBP to CAD rate are tomorrows International Merchandise Trade (for August) out of Canada. With the Canadian economy being heavily export driven I think this figure has the potential to move markets, so feel free to get in touch if you wish to discuss when this figure will be released and the expectations surrounding it.
Then on Friday a member of the Bank of England’s Monetary Policy Committee, Andy Haldane will be giving a speech around mid-day, and I expect any allusions to future monetary policy to impact GBP rates.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.