GBP/USD pauses three-day winning streak, eyes on UK election

12 Décembre, 2019, 05:51 | Auteur: Auguste Feret
  • Stering on the rise

GBP/CAD Exchange Rate, Canadian Dollar Investors Brace for US Fed Rate Decision The Pound Canadian Dollar (GBP/CAD) exchange rate held steady today, with the pairing now trading around CA$1.740 after this afternoon's release of Canada's Industrial Capacity figure for the third-quarter fell below expectations at 81.7%.

'Outlook for Euro-area banks is negative as economic slowdown, continued accommodative monetary policy will erode already weak profitability.

However, Canadian Dollar (CAD) investors are remaining cautious ahead of today's interest rate decision from the US Federal Reserve, which is expected to hold at 1.75%.

GBP/CAD Outlook Rangebound on UK Election Uncertainty The Pound (GBP) failed to gain on the Canadian Dollar (CAD) after UK political uncertainty has dominated Sterling movement after last night's release of the updated YouGov MRP poll. The Pound is all about the general election now, and it seems unlikely there will be relevant moves ahead of the result of it.

United Kingdom political developments ahead of this Thursday's general election will continue to drive the GBP/USD exchange rate this week, with any signs of the Labour Party narrowing the gap between the Tories in the opinion polls weakening Sterling on heightened fears of a hung parliament.

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Market players chose to ignore the latest polls showing a limited Conservatives' advantage.

"But the margins are extremely tight and small swings in a small number of seats, perhaps from tactical voting and a continuation of Labour's recent upward trend, means we can't now rule out a hung parliament".

With no United Kingdom economic data due out today, Sterling traders have become increasingly jittery ahead of tomorrow's election, with fears rising over the possibility of a hung parliament tomorrow.

Any signs of a hung parliament, however, could see the GBP/EUR exchange rate fall on heightened political uncertainty.

Any dovish commentary from the BoC could boost the GBP/CAD exchange rate.

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