As the odds of a no-deal Brexit appeared on the rise once again the Pound to Canadian Dollar (GBP/CAD) exchange rate extended its slump.
With the chances of a deal looking increasingly distant as the end of UK-EU trade talks approach the mood towards the Pound soured significantly.
The weak nature of recent UK gross domestic product figures added to fears that the economy could face an even greater slowdown in 2021 in the absence of a trade deal.
Although oil prices saw some downside pressure ahead of the weekend, thanks to a fading sense of optimism over Covid-19 vaccine progress, this was not enough to push the Canadian Dollar down against its rival.
UPDATE: The Pound to Australian Dollar (GBP/AUD) exchange rate is seen trading higher on Monday, 14th December after the UK-EU negotiators agreed to extend the deadline for Brexit trade deal talks. Most stock markets are higher in Asia, and the S&P 500 is indicated +0.4% says Marshall Gittler, analyst at BDSwiss on Monday. But the “risk-on” tone isn’t being reflected in currencies, where USD is higher. While CHF is the worst-performing currency, AUD and CAD aren’t far behind.
GBP/AUD traded in a wide range this week, with considerable losses in response to a lack of progress in Brexit trade talks.
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