UK Manufacturing down
Today saw the latest UK Manufacturing and Industrial Production figure being released. These inflation numbers were closely watched, as the BoE is having a great deal of trouble raising interest rates while inflations remains around zero. They were forecast to show a flat zero and a very mild decline of 0.1%respectively. When the actual numbers were released it showed they both missed the forecasts by some margin. Manufacturing came in at a negative -0.2% and Industrial production down to -1.1%.
Despite this news seeming bad for Sterling, the Pound actually made steady gains throughout the morning, encouraged by the Crude Oil inventories later in the day.
Today’s GBP/CAD graph
Crude Oil Inventories
The only other data of note effecting the Sterling to Canadian Dollar exchange rates today, was actually new from America. It is of course, the Crude Oil inventories. Since Canada’s main export is oil and by far its largest customer being the US, these figures have the power to move the price of the Canadian Dollar dramatically.
It was forecast to show a positive figure of 3.1M and would have boosted the Canadian Dollar. The actual figure was released at a negative -0.8M. This news just helped the Pound gain momentum as the Sterling to Canadian Dollar rose throughout the day.
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