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Canadian Dollar (CAD) Benefits from BoC’s ‘Temporary’ Comment on Economic Slowdown

Published: 30 May at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China,

Pound Sterling (GBP)

The Pound failed to gain against many of its competitors today, despite the Chancellor Philip Hammond saying that a second referendum would effectively break the political deadlock over Brexit.

However, with uncertainty surrounding both Brexit and the future leadership of the Conservative Party, Sterling has remained unattractive to many investors as the UK remains in political limbo.

US Dollar (USD)

The US Dollar benefited from today’s release of the US Case-Shiller Home Price Indices for March, which rose above the forecast 2.6% to 2.7%.

The ongoing US-China trade war, however, has remained in focus, with China hitting back against the US and accusing it of ‘naked economic terrorism’ that is jeopardising both superpower’s economies.

Euro (EUR)

The Euro has remained generally steady today with many countries within the Eurozone celebrating Ascension Day, a bank holiday which has seen many of the markets closed for the day.

Today, however, saw the publication of the Spanish unemployment figures for May, which rose to 5.0%, leaving many EUR traders disappointed.

Australian Dollar (AUD)

The Australian Dollar was subdued following the publication of the Australian building permits figures for April, which shrank by -4.2%, falling below the consensus of 0.0%.

These were followed by the Australian HIA new home sales figures for April, falling to -11.8% these left many ‘Aussie’ traders feeling jittery.

Trade tensions between the US-China have remained in focus, as the Australian economy is particularly sensitive to any signs of a flare-up between the two nations.

New Zealand Dollar (NZD)

The New Zealand Dollar has been plagued by a slowing economy, despite the announcement from Prime Minister Jacinda Arden’s ‘wellbeing’ budget which aims to ‘look beyond economic growth’.

The NZ National party, however, has accused Arden’s budget as being ‘style over substance’, while US-China trade tensions drag on confidence in the NZ economy.

Canadian Dollar (CAD)

The Canadian Dollar benefited from the publication of the Canadian current account figures for the first quarter today, which came in at a better-than-expected -17.35bn.

The ‘Loonie’ also benefited from yesterday’s interest rate decision from the Bank of Canada, which remained steady at 1.75%, attributing the recent economic slowdown at the beginning of the year as ‘temporary’.

As of Thursday, 30th May 2019, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1328, GBP USD exchange rate was 1.261, GBP AUD exchange rate was 1.8244, GBP NZD exchange rate was 1.9372, GBP CAD exchange rate was 1.702, and GBP CNY exchange rate was 8.7031.
Dominic Lee About Author: (474 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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