Canadian Dollar round up
After another volatile week for the Sterling to Canadian Dollar cross last week, we could be in for more fluctuations in the GBP-CAD exchange rates.
We started this week trading around 1.72 mid market. This rapidly rose Monday morning to highs of 1.7335 before lunch time. This was mainly due to prices adjusting after the weekend but was helped by CBI industrial order expectations coming in better than forecast.
Canadian data affecting exchange rates
It is a quiet week as for as Canadian Data is concerned, with no actual scheduled releases due out until Friday. This is when we see the latest Canadian GDP figures will be released. They are forecast to show a decline of -0.5%. Any improvement in this could strengthen the Loonie against its counterparts.
Following this there are a couple of minor data releases in the form of Raw Material Price Index and Industrial Product Price Index. These are both forecast to show mild growth and although they only have a minor effect on the exchange rates, they will go towards building a bigger picture of the Canadian Economy as a whole.
UK data affecting the exchange rates
The UK has a little more to offer this week, the first of which is Wednesday when we have the Preliminary GDP figures and CBI realised sales.
Given the uncertainty surrounding the future of the UK economy following the Brexit vote on the 23rd June this year, all eyes will be watching closely for any signs of progress with trade deals and how it has affected growth so far.
Thursday we have Nationwide House Price Index followed by Net Lending and Mortgage Approvals on Friday.
How will this affect my currency purchase?
Any piece of political or economical release can have a huge affect on the amount you pay for your currency purchase. This is even more highlighted when we have such volatile and uncertain times as we are currently seeing.
If you would like to find out what up and coming events may affect the price of your currency purchase, speak with your dedicated account manager today.
Opening an account with Foremost Currency Group is a very simple process and only takes a couple of minutes online. This is completely free of charge and does not obligate you in any way. Click the link to get started today.
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