Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Bolstered by Better-than-Forecast UK Construction
If you're looking to make an international money transfer, we recommend TorFX.
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.8054.
Following a better than forecast Canadian yearly Gross Domestic Product on Friday the Canadian Dollar made gains against the majority of its major peers. Year-on-year Gross Domestic Product was forecast to increase by 3.0% having grown by 2.3% previously. The actual data, however, showed better-than-anticipated growth to 3.1%.
The ‘Loonie’ (CAD) was also bolstered by the announcement that the fast-food giant Burger King have made a deal to take over a Canadian coffee and doughnut chain.
Similarly the Pound finished the week on a high after domestic data was better than forecast. The Nationwide House Px increased by 0.8% in August and the yearly growth exceeded expectations of a 10.2% increase printing at 11.0%.
Also the GfK Consumer Confidence Survey posted a surplus figure of 1 despite having been forecast at a deficit -1.
The Pound Sterling to Canadian Dollar exchange rate has hit a low today of 1.8032.
Monday has seen the Canadian Dollar soften against the majority of its peers as a result of the combination of an absence of data and poor manufacturing data from China. As a commodity based economy Canada is reliant on trade from several economies, but the Chinese Manufacturing PMI failed to meet with the forecast figure of 51.3 with the actual data at 51.1.
UK manufacturing is also relatively soft on Monday. The seasonally adjusted Manufacturing PMI was forecast to rise from the previous score of 54.8 to 55.1, but the actual result saw a declination to 52.5.
There were some positive economic data results on Monday pertaining to the UK. Mortgage Approvals posted at 66,600 having been forecast to hit 66,000. Net Consumer Credit also exceeded the forecast figure of 0.6 billion printing at 1.1 billion. Also Net Lending Sec. on Dwellings increased from the previous figure of 2.2 billion to 2.3 billion despite having only been forecast at 2.0 billion.
Sterling has also experienced gains following a statement from the Scottish Prime Minister Alex Salmond. After much debate Salmond submitted to the fact that if the Scottish bid for independence is successful they would have to inherit a portion of the British national debt, even if they don’t inherit the currency.
The Pound Sterling to Canadian Dollar exchange rate took a dramatic dive prior to the British construction data.
However, the exchange rate has started to trend higher after the construction output showed the fasted growth in seven months.
The UK Construction PMI was forecast to drop from the previous figure of 62.4 to 61.5, but the actual result showed a surprising increase to 64.0.
The Pound to Canadian dollar exchange rate is likely to continue to trend upwards in anticipation of the Canadian Manufacturing PMI due for publication later on Tuesday.