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Pound hits its highest-level since 2009 against the Canadian Dollar

Published: 27 Nov at 4 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Canadian Dollar, USA, Canada, Germany,

The Canadian Dollar has slumped to its lowest-level since December 2009 against the Pound after GDP data showed that the UK economy is expanding and as oil prices declined for a fourth consecutive day.

After the GDP data was released earlier in Wednesday’s session the Pound climbed to its highest level since January against the US Dollar and surged against the Canadian Dollar as demand for the UK asset increased.

Sterling climbed against all of its major peers after data showed that strong domestic demand, increased investment and a strong housing market offset the impacts of declining exports. UK GDP rose by 0.8% in the third quarter of the year, on a year-by-year basis GDP rose to 1.5%.

The Canadian Dollar fell after US crude oil futures fell to a five-month low. The fall added to Tuesday’s bearish supply data from the American Petroleum institute and Monday’s deal between global powers and Iran.

“We’ve seen some of the commodity currencies come under a bit of pressure. Some of the energy has essentially suffered a little bit. Indeed, what you’re seeing this afternoon is oil falling,” said a senior foreign-exchange strategist at Societe Generale SA.

The Euro fell against the Pound but was trading firmer against the US Dollar following the release of positive consumer confidence data out of Germany and as German Chancellor Angela Merkel managed to form a coalition government after two months of trying.

As of Wednesday, 27th November 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1996, GBP USD exchange rate was 1.6283, and GBP CAD exchange rate was 1.7247.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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