Authorised and regulated by the Financial Conduct Authority (FRN 724309). John Lewis Finance is a trading name of John Lewis plc, registered in England with company number 233462, registered office: 171 Victoria Street, London SW1E 5NN. John Lewis plc introduce the panel of carefully chosen providers in Bureau de Change products and services, whom each hold the appropriate licences with the Financial Conduct Authority and HMRC.įoreign Currency online from both John Lewis Finance and John Lewis & Partners is provided by First Rate Exchange Services Limited registration number 04287490 (Money Service Business licence number MLR-64068), whose registered office is at Great West House, Great West Road, Brentford, West London, TW8 9DF England. Registered in England (Registered Company Number 233462). Registered office: 171 Victoria Street, London SW1E 5NN. Investors holding GBP will closely monitor the BoE's guidance for any indications of additional rate hikes, as such signals could bolster the Pound.John Lewis Finance and John Lewis & Partners Bureau de Change are both trading names of John Lewis plc. Moreover, the performance of the Canadian Dollar (CAD) will be significantly influenced by fluctuations in oil prices.Īn improvement in market sentiment could result in a rise in WTI crude prices, providing support to the Canadian Dollar (as USD weakens).Ĭonversely, the Pound Canadian Dollar (GBP/CAD) exchange rate may experience a recovery if the Bank of England (BoE) chooses to adopt a hawkish stance regarding interest rate hikes.Ĭonsidering the sustained inflation levels surpassing the 2% target, there is a likelihood that the central bank will need to contemplate implementing more decisive interest rate hikes to address inflationary pressures. Positive Canadian retail sales data, if in line with expectations, has the potential to uplift the Loonie. The much-anticipated data releases for the Canadian Dollar (CAD) this week could present challenges for the Pound to Canadian Dollar exchange rate. Pound to Canadian Dollar Forecast: Key CAD-Related Events This Week The headline results for Q1 indicated a decline in activity and a loosening of labour market conditions, while inflation expectations remained elevated. It's worth recalling that the preliminary data for April, released alongside the slightly better-than-expected outcome for March, indicated a 0.2% expansion in the economy.Īdditionally, the Q2 Business Outlook Survey will be unveiled. On Friday, the industry-level GDP report for April will be released. While headline inflation is expected to decelerate significantly in year-on-year terms, the primary focus for the Bank of Canada (BoC) will be on core prices, which remain elevated. The BoC are also due to participate in the ECB’s annual Sintra policy forum panel discussion on Tuesday this week, offering hawkish anticipation for the Canadian Dollar as new data is made available. "Our view has been that the BoC will deliver a 25bp rate hike in July, as data are unlikely to have slowed sufficiently since the June meeting to prevent another hike at the coming meeting (even after accounting for the weak May employment report)," said Daria Parkhomenko, Vice President at RBC Capital Markets. (BoC) boosted upcoming interest rate speculation among investors. The Canadian Dollar (CAD) ended last week as a top G10 performer, as a hawkish Bank of Canada Canadian Dollar (CAD) Exchange Rates Top Performer Nonetheless, Pound Sterling’s gains resulting from the UK retail sales recovery might have been overshadowed to some extent by a less impressive performance indicated by the latest Purchasing Managers' Index (PMI) data.īoth the services and manufacturing sectors displayed signs of deceleration in June, potentially indicating underlying economic challenges. These figures suggest that, for the time being, UK consumers are effectively navigating the persistent hurdles posed by escalating living costs. Contrary to economists' expectations of a 0.2% decline, sales actually rose by 0.3%. The Pound (GBP) exhibited strength in the market at the end of last week, fuelled by an unforeseen rebound in UK retail sales for May. Pound (GBP) Exchange Rates Exceed Expectations The key risk for GBPCAD comes in the form of Canada's CPI and GDP data.Īs of the time of writing, the GBP/CAD stands at approximately 1.67302, a 0.17 percent fall on the day's opening levels. With little in the way of macroeconomic data for the Pound (GBP), the recent positive retail sales, oil price fluctuations, and the Bank of England's hawkish stance on interest rate hikes could influence the British currency's near-term strength. The Pound Canadian Dollar (GBP/CAD) exchange rate is tilted to the downside at the start of the new week, with Sterling seen under pressure across the board.
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