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Sterling Hits 7-Week High Versus Loonie, as Haldane Votes for Hike

Market CommentarySterling Hits 7-Week High Versus Loonie, as Haldane Votes for Hike
Sterling Hits 7-Week High Versus Loonie, as Haldane Votes for Hike
Image credit: Paige Foster.

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

This tells you when it's an excellent 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 1.7652 today, its highest in 7 weeks, or since April 30th.

The pound has strengthened against the Canadian dollar, because yesterday the Bank of England (BoE) came closer to lifting UK interest rates in the near future.

Sterling has jumped, because at the BoE's interest rate decision on Thursday, chief economist Andy Haldane surprisingly voted to lift UK interest rates up to 0.75%.

This has lifted the pound, because 3 members of the central bank's 9-person interest rate-setting committee now favour lifting UK borrowing costs.

In addition to Mr. Haldane, Bank of England policymakers Ian McCaferty and Michael Saunders also again voted to lift interest rates yesterday, thus boosting sterling.

These 3 policymakers voted to lift UK interest rates, because they think that the UK's GDP growth slowdown in early 2018 was "temporary", thereby lifting the pound!

Loonie Loses Out, as Bank of Canada Less Likely to Hike in July

What's more, the pound has also hit this 7-week high versus the loonie, because the Bank of Canada (BoC) now looks less likely to lift Canada's interest rates in July.

Canada's central bank may keep borrowing costs on hold at 1.25% when it next meets on July 11th, because of rising trade tensions with the USA, thus weakening the Canadian dollar.

In particular, the BoC may feel cautious that US President Donald Trump tweeted on Tuesday that America has been "treated horribly" by Canada, thereby weighing on the CA dollar.

In addition, Canada's central bank will know that talks to renegotiate the NAFTA free trade deal between the USA, Mexico and Canada are up-in-the-air too, so hurting the loonie dollar.

The Canadian dollar has fallen, as "the decline in market-implied odds [for a July hike] portend to concerns surrounding the global trade outlook," says CIBC macro strategist Bipan Rai.

With all this in mind, the pound to Canadian dollar interbank exchange rate has reached this 7-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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