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Will GBP/CAD Struggle on Disappointing Investment Stats?

Will GBP/CAD Struggle on Disappointing Investment Stats?

Yesterday’s high: C$1.6936

Yesterday’s low: C$1.6841

UK Budget left GBP/CAD Fluctuating

Yesterday’s main event, the Autumn Budget statement, had a mixed impact on the Pound.

Sterling fluctuated when Chancellor Philip Hammond made his announcements, which included reduced growth forecasts and the removal of stamp duty for first-time buyers.

Closer inspection revealed plenty to worry about, however, such as the fact that the stamp duty cut would seemingly benefit sellers more than buyers and could raise house prices.

Rising crude oil costs also gave the Canadian Dollar impetus to rise against the Pound.

CAD Outlook: Pound could Slide on Slump in UK Business Investment

As economists continue to process yesterday’s budget, the Pound could be in for modest losses against the Canadian Dollar.

UK Q3 GDP and business investment figures will be out this morning, but investment is tipped to drop over the quarter.

The quarter-on-quarter reading is only expected to worsen from 0.5% to 0.4%, but a greater slump from 2.5% to 1.4% has been predicted for the year-on-year posting.

Investment figures have remained anaemic for several years, but recent poor readings could be down to Brexit-linked uncertainties.

Key Events

23rd November

09:30 UK GDP Growth Rate Q3

09:30 UK Business Investment

13:30 CA Retail Sales

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To keep up to date with the Canadian Dollar, visit the CAD blog in our Currency News section.

Richard Beaumont

Currency Broker
T: +44(0)1442 892 060

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