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Pound Nears 2-Week High Versus Loonie Dollar, as UK GDP Bounces Back

Market CommentaryPound Nears 2-Week High Versus Loonie Dollar, as UK GDP Bounces Back
Pound Nears 2-Week High Versus Loonie Dollar, as UK GDP Bounces Back
Image credit: Iraine.

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

This tells you when it's a fantastic time to exchange pounds to Canadian dollars, for your money transfer!

Sterling jumps versus the loonie! The pound to Canadian dollar interbank exchange rate has hit 1.7440 today, close to its highest in 2 weeks, or since June 28th.

The pound has risen against the Canadian dollar, because the UK economy has bounced back following a slower start to the year, said official statistics yesterday.

Sterling has strengthened, as UK GDP expanded by +0.3% in May, said the Office for National Statistics on Tuesday, above January-to-March's figure of just +0.2%.

In particular, UK economic growth has accelerated in the Spring, as retail sales jumped by +0.9%, said the ONS, compared to a -0.1% decline earlier on, thus boosting the pound.

This has lifted sterling, first because this data tells us that UK GDP has rebounded, following the "Beast from The East" cold front in early 2018, which kept people indoors.

This has also helped the pound, because it's now likelier that the Bank of England will lift UK interest rates by +0.25, up to 0.75%, when it next meets in August!

Pound Strengthens, as May Forecast to Win A Leadership Contest

What's more, the pound has also strengthened versus the loonie, because it's thought that UK prime minister Theresa May would win any leadership contest against her.

Sterling has risen, because financial markets reckon that Mrs. May has the support to win any leadership contest by her ex-foreign secretary Boris Johnson, or other Tory MPs.

In particular, it's thought that Mrs. May would emerge triumphant from a leadership challenge, because she has the support of more than half of her 316 MPs, so boosting the pound.

A leadership challenge against Mrs. May may emerge, because she favours a "soft" Brexit, thus lifting sterling, though this week prompting foreign secretary Boris Johnson to resign.

This has raised up the pound, because Mrs. May's strong position contributes to UK political stability, and lifts the odds that she'll agree a favourable Brexit deal between the UK and EU.

As a result, the pound to Canadian dollar interbank exchange rate has neared this 2-week high, and could continue to climb!

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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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