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Will UK Earnings Start to Close Gap on Inflation?

Yesterday’s high: C$1.6751

Yesterday’s low: C$1.6633

GBP/CAD Advance Down to Sliding Crude Prices

The Pound fell against the Canadian Dollar for most of Tuesday, only seeing a recovery late in the afternoon.

Initial losses stemmed from the morning’s UK inflation figures, which showed no change from 3% in October.

As the result supports the Bank of England (BoE) keeping interest rates on hold for longer, the Pound broadly weakened following the report’s release.

The saving grace in the afternoon was on Canada’s side, where falling crude oil prices saw the Canadian Dollar drop against the Pound.

CAD Outlook: Pound may Face Turbulence on Wage Data

There will be no let-up to GBP volatility today, with UK earnings figures due out shortly.

A decline in wage growth could trigger a Pound crash, as tighter conditions for consumers might mean lower retail activity during the traditional Christmas spending spree.

The week’s last major Canadian data, inflation figures for October, will come on Friday.

Estimates are for lower inflation on the year and the month, which might devalue the Canadian Dollar.

Key Events

15th November

09:30 UK Claimant Count Change

09:30 UK Unemployment Rate

09:30 UK Average Earnings

16th November

09:30 UK Retail Sales

17th November

13:30 CA Inflation Rate

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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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