Yesterday’s high: C$1.6126
Yesterday’s low: C$1.5936
Pound Rockets Higher Against the Canadian Dollar as CPI Figures Impress
The Pound leapt by around half a cent against the Canadian Dollar on Tuesday following the release of the UK’s latest CPI data as inflation surged from 2.6% to 2.9% in August, matching the four-year high struck in May.
Markets hope that the dramatic rise in inflation will push the Bank of England towards raising interest rates in the near future in order to relieve pressure on household finances.
Meanwhile, the Canadian Dollar was able to slow Sterling’s advance slightly as oil prices rose for the second consecutive session following an OPEC report that showed oil production fell last month.
CAD Outlook: UK Employment Data to Weaken CAD/GBP Further?
Sterling may advance again later today with the release of the UK’s latest employment data, with Britain’s jobless rate expected to hold at a 42-year low, while the accompanying wage data is expected to show that average earnings rose from 2.1% to 2.3% in July, helping to close the gap between wage growth and inflation.
09:30 UK Unemployment Rate July
09:30 UK Average Earnings July
13:30 CA House Price Index July
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