Pound hits record low against the US Dollar, and drops significantly against the Euro
Yesterday was a very difficult day for the Pound as financial markets appear to have lost faith in both the Bank of England’s monetary policy and the new cabinet’s mini budget.
Last Thursday the new Chancellor of the Exchequer, Kwasi Kwarteng announced his mini-budget outlining plans for a raft of tax cuts. Then over the past weekend he pledged further tax cuts in order to try and reinvigorate the UK’s stalling economy and attempt to counter the increasing inflation rates not seen in decades.
His plans...
Three Key Events in a Vital 72 hours for GBPEUR and GBPUSD Exchange Rates
The beginning of this week in the UK was very sombre with Her Majesty’s funeral and a UK Bank Holiday. This meant UK markets were shut, and ensured a fairly sleepy start to the week from a currency perspective, with sterling still nestling in the doldrums following the poor Retail Sales data from last week.
The rest of this week looks far from calm however, with three key events that could trigger market movements for the pound, US dollar, Euro and many other currencies. The...
Pound rebounds following lighter than expected inflation figures
Wednesday’s trading session saw the pound on the front foot, gaining back some of the losses from the past week against a basket of currencies. Inflation data released in the morning showed price growth slowed in July for the first time since September 2021. Could this be a signal that the cost-of-living crisis has begun to ease in the UK?
The Bank of England stated last month that they expect inflation to peak at 13%. The drop in price growth does pose an interesting question...
Will the Pound Remain Steady after Surprise Dip in Inflation ?
The pound has been relatively steady today following a surprise dip in the headline Inflation numbers. In welcome news across the country, the number came in at 9.9% higher year on year for August, versus the 10.2% numbers from last month for July. The important point is the number has been trending higher since the beginning of the year so this marks a turning point and could potentially signal a change in policy ahead. Inflation is very influential on interest rates, and interest rate...
Canadian Dollar Looked to Finish off the Year With Positive GDP Data, Whilst GBP...
The Canadian Dollar has performed well over the past few weeks, with the most notable news arriving in the form of the over-performing inflation data which was released last week. This gave the CAD a significant boost and lowered the bets of an interest rate cut in early 2020. However, the bets still sit at around a 50% chance, so investors are remaining cautious. For the GBP, a revision in the Q3 GDP data saw a rise from 0.3% to 0.4%, giving a last-minute...
Pound to Canadian dollar predictions: What to expect this month
Pound to Canadian dollar exchange rates have been falling since this start of May and I expect this trend could continue throughout July. In the last 2 months pound to Canadian dollar mid market exchange rates have dropped over 11 cents making a CAD$250,000 purchase £9,650 more expensive.
The pound has had a tough couple of months, due to the ongoing Brexit Saga. UK Prime Minster Theresa May announced her departure and the leadership contest is now whittled down to two, with Brexiteer...
Pound to Canadian Dollar rates near 1-year highs
It has become much better for those buying Canadian dollar over the last couple of weeks as lower prospects of a no-deal Brexit have encouraged investors to seek the pound as a longer term investment, with Pound to Canadian Dollar rates near 1-year highs. There is also increased prospects of some kind of Brexit deal being struck, one way or another.
The Canadian dollar has also been slightly weaker as there is less chance of the Bank of Canada seeking to raise interest rates. This...
GBP to CAD forecast: All eyes on tomorrow’s key vote on the Brexit deal
We're now less than 3 weeks away from the UK's expected departure date from the European Union, with this week being arguably one of the most important regarding the Brexit plan, as many following the news will be aware.
Despite calls for UK Prime Minister Theresa May to once again postpone the meaningful vote on her Brexit deal, the vote is still expected to take place tomorrow evening and although Mrs May isn't expected to lose by such a substantial margin this time, analysts are...
GBP to CAD rate over 1.75 as Brexit withdrawal approaches on 29th March
The pound to Canadian dollar exchange rate is trading at the highest levels since June of last year creating a good opportunity for those looking to buy Canadian dollars. There has been a good move higher for GBP to CAD rates on optimism that a deal will be reached between Britain and the EU over Brexit. UK Attorney Geoffrey Cox was in Brussels yesterday with Brexit Secretary Stephen Barclay meeting the EU’s chief negotiator Michel Barnier.
The markets have been poised for a breakthrough...
Will GBP/CAD break 1.76 and could the BoC interest rate decision influence CAD exchange...
After a slight sell-off yesterday the Pound to Canadian Dollar exchange rate has started the day well, with the pair lodged just below 1.76 at the time of writing.
The GBP/CAD rate has recently found resistance around this benchmark, although throughout the past year we have seen the pair climb as high as the 1.84's so I believe that we could see the GBP/CAD rate break 1.76 and test 1.80 again should we see a boost to Sterling or CAD weakness.
Brexit still key driver for...
