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British pound moving higher

By MoneyWay | Aug 27, 2019

The British pound rose on Tuesday as opposition parties vowed to try and pass a law to prevent a no-deal Brexit at the end of October, encouraging traders to buy sterling even though most fear the country is headed for a disorderly exit from the EU. Labour leader Jeremy Corbyn on Tuesday hosted talks with other opposition parties and they agreed to try and stop a no-deal Brexit, including through passing legislation that would force Johnson to seek a delay to Brexit. The pound extended its earlier gains after the statement.

Oil prices rose more than 1% on Tuesday after U.S. President Donald Trump predicted a trade deal with China following positive comments by Beijing, calming concerns raised by an earlier round of tit-for-tat tariff hikes.

The Canadian dollar is a little weaker, the Bank of Montreal has revised its interest rate outlook, predicting the Bank of Canada will cut in October amid heightened trade tensions between the United States and China.  The BMO said it expects the central bank will set the stage for a rate cut at its next meeting on Sept. 4 with a dovish statement citing trade uncertainty. 

 

                                Currently             Close                     Range

USDCAD               1.3276                   1.3254                   1.3225-1.3284

EURCAD               1.4727                   1.4715                   1.4685-1.4736

GBPCAD               1.6308                   1.6194                   1.6160-1.6330

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