The Canadian dollar has weakened significantly this morning against the pound after the worst mass shooting in 30 years was announced on Sunday. Acts of terror historically have a negative impact on the currency in question due to the uncertainty they cause. Mass shootings like this are far less common in Canada than in neighboring US and therefore this could result in more volatility in CAD rates.
The rampage is believed to have been made by a single gunman who disguised his car as a police vehicle, and the alleged murderer, 51-year-old Gabriel Wortman is believed to be deceased. The total death-toll is unknown currently, and believed to be in excess of 10 people including a female police officer.
Canadian PM Claims Coronavirus Cases Are Trending in the Right Direction
Canadian PM Justin Trudeau also made a public address on Sunday, stating that confirmed cases of Coronavirus are trending in the right direction, but that social distancing will need to stay in place for some time. The Canadian government have so far unveiled more than C$200bn to help businesses and individuals navigate through the crisis.
Data to look out for this week from Canada includes inflation figures and house pricing data from March. Both these numbers will give a good indication to how the economy has fared amidst the crisis and it is worth keeping in contact with us ahead of their release on Wednesday so that we can keep you up to date with all the latest market movements.
UK’s Furlough Scheme Goes Live Today
Meanwhile in the UK, the government’s furlough scheme goes live as payday for many approaches and the treasury have said that the system will be able to process 450,000 applications from business per hour. This comes as chancellor Rishi Sunak announced that the furlough scheme, which had originally been scheduled to end in May, will now continue until the end of June.
It will be a busy week of data releases in the UK, with inflation numbers on Wednesday morning and retail sales figures for March on Thursday. Due to the uncertainty caused by the current Coronavirus pandemic, there could be increased market volatility following the release of any data as it is difficult to predict what the numbers could be in advance.
If you have a requirement to buy or sell Canadian dollars or sterling, keeping informed of the latest economic data releases and the impact they may have on exchange rates is key. By completing the contact form one of our experienced Account Managers can provide you with live information and help you make an informed decision about when to make your currency transfer.