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.
09:30 UK GDP Growth Rate Q3
09:30 UK Business Investment
13:30 CA Retail Sales
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