What is moving the exchange rates?

Canadian Data effecting Exchange rates

This week the Canadian Dollar has started on the right foot, as the latest Housing Starts figures show there were more new houses starting construction than predicted. This was a minor release but gave the Loonie a well needed boost.

The rest of the week is quiet as far as Canadian data is concerned. It won’t be until the later part of the week until we have the next important announcements in the form of the new home price index on Thursday and Manufacturing Sales on Friday.

The NHPI is forecast to show a slight improvement but is unlikely to have a large impact on exchange rates. The Manufacturing Sales will be the most important release of the week. Manufacturing sales are a very good indication of future economic activity and anything different from the forecast could move the rates dramatically. It is forecast to show a negative figure of -0.9% so could weaken the Loonie against its counterparts.

UK data moving exchange rates

There was no data out from the UK on Monday to start the week off so any movements were off the back of news and events from overseas. Tuesday we have Manufacturing Production figures. They are forecast to how a positive figure of 0.3%. If it fails to hit this we could see Sterling weaken greatly against its counterparts.

Thursday a will be another big day for the Pound exchange rates as we have the Bank of England inflation report and a speech by Governor Carney. All ears will be listening for any indication of how bullish or bearish he may be about the future of the British economy.

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