Pound To Canadian Dollar Rate Avoiding Losses Thanks To Brexit Hopes
Despite fears that a coronavirus mutation could spread through Europe, the British Pound to Canadian Dollar (GBP/CAD) exchange rate is sustaining a recovery attempt so far today. The risk and trade-correlated Canadian Dollar is also being hit heavily by the latest coronavirus fears, which are weighing on prices of oil, Canada’s biggest export. Still, the pair’s potential for gains is limited as there is potential for more UK lockdown and a no-deal Brexit in the coming weeks.
After opening this week at the level of 1.7288, GBP/CAD briefly tumbled. However, this dip was limited and short-lived, as by the end of yesterday’s session GBP/CAD was trending closer to the week’s opening levels again.
EUR/GBP Exchange Rate Rises as Brexit Talks Enter ‘Critical Moment’
The Euro to Pound (EUR/GBP) exchange rate rose by 0.4% today, with the pairing currently trading around £1.216.
The Pound (GBP) fell today following news that UK-EU trade talks remain in a deadlock on fishing rights.
As a result, GBP investors are becoming more concerned about the rising possibility of the UK leaving the EU without a post-Brexit trade deal on January 1st.
Michel Barnier, the EU’s Chief Negotiator, said that talks had hit a crucial stage, saying:
‘We are really in the crucial moment. We are giving it the final push. In ten days, the UK will leave the single market and we continue to work in total transparency with the member states right now and with the parliament.’
Brexit: Pound Sterling Slips Vs Euro And Dollar As UK Offer Rejected And No Breakthrough On Fish exchangerates.org.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from exchangerates.org.uk Daily Mail and Mail on Sunday newspapers.
GBP/EUR, GBP/USD Exchange Rates Whipsaw from Huge Intraday Lows
The Pound Sterling to Euro( GBP/EUR) exchange rate has recovered from 10-day lows amid hopes for compromise in Brexit fishing talks, markets braced for further high volatility
Pound Sterling volatility will remain high with sharp moves on coronavirus fears, trade disruption and Brexit uncertainty, amplified by a lack of liquidity and market positioning into the year-end period.
Further sharp moves in the pound are inevitable in the short term, especially with very choppy trading in all major currencies.
The lack of liquidity will increase the scope for sharp moves on Brexit headlines.
The Pound to Dollar exchange rate is -0.33% lower @ $1.34025 on 22.12.2020.
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Pound Sterling (GBP) Exchange Rates
The British Pound to Dollar exchange rate (GBP/USD) came under pressure on Monday as investors punished Cable 150 pips to the precipice of the 1.32 handle. It was a tale of two halves, however, as Sterling came roaring back with a vengeance, striking 1.35 before easing slightly lower on Tuesday morning.
The initial shock to the GBP was triggered by the “mutant” coronavirus headlines as many countries around the world, including most of the E.U, Canada and India shut their doors to flights from the U.K. Although considerably more infectious, investors appeared to calm down as medical experts generally confirmed that existing vaccines would still be effective. Brexit negotiations are not going well, and it is rather eerie to see a small taste of what a fully isolated Great Britain looks like.