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Canadian Dollar to Pound Rate Nears 2-Week High, as UK Factories Slow

Market CommentaryCanadian Dollar to Pound Rate Nears 2-Week High, as UK Factories Slow
Canadian Dollar to Pound Rate Nears 2-Week High, as UK Factories Slow
Image credit: Public Domain Pictures.

Welcome to Pure FX's latest update of the Canadian dollar to pound interbank exchange rate!

The Canadian dollar to pound interbank exchange rate rises! The loonie dollar versus sterling has hit 0.5840 today, very close to its highest since January 21st, or 2 weeks.

By contrast, back on January 25th, the Canadian dollar to pound exchange rate was as low as 0.5709. So it's since strengthened by over +1.25 cents, or +2.29%!

To put this into context for you, at today's interbank exchange rate, CA$250,000 in pounds would be worth £146,000, or +£3,275 more than on January 25th!

So if you're a Canadian emigrating to Britain, this may help you to transfer money to the UK.

Canadian Dollar vs Pound Climbs, as UK Manufacturing Decelerates

The Canadian dollar to pound interbank exchange rate has neared this 2-week high, because the UK's manufacturing sector slowed down in January, said closely-watched data recently.

According to IHS Markit's monthly survey of Britain's factory sector, growth hit just 52.8 last month. This is below both financial market forecasts for 53.5, as well as December's figure of 54.2.

There was "weakening underlying demand, both in the domestic and export markets", says Pantheon Macroeconomics' Samuel Tombs, about this data.

So this has boosted the Canadian dollar versus sterling!

Canadian Dollar to Pound Rate Jumps, as UK Factories Stockpile

Moreover, the Canadian dollar vs the pound interbank exchange rate has also risen, because UK manufacturers are stockpiling lots. This is in case the UK crashes out of the EU without a deal.

According to new data by IHS Markit and CIPS last Friday, British factories are stockpiling goods at the fastest since comparable records began in the early 1990s, and more than any other major country.

Household brands that are stockpiling products in case there's a 'No Deal' Brexit include Tesco, WH Smith and Land Rover Jaguar.

Thus, this too has strengthened the Canadian dollar to pound rate!

CAD to GBP Exchange Rate Rises, on Irish Backstop Uncertainty

What's more, the Canadian dollar to pound exhange rate has also flown higher, because there's continuing uncertainty about the planned "Irish border backstop", ahead of Brexit.

Last week, UK prime minister Theresa May won the support of MPs to return to Brussels, to renegotiate the backstop. This would keep the UK in the EU's Customs Union, if there's no free trade deal later on.

The thing is though, the EU is unwilling to renegotiate the backstop. Also, there’s less than 2 months to go before the UK is due to leave the EU, on March 29th.

This has boosted the Canadian dollar vs the pound also!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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