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April 8, 2021 - Written by John Cameron
GBP/CAD Exchange Rate Falls as Outlook for Canadian Economy Improves
The Pound Canadian Dollar (GBP/CAD) exchange rate fell today following a surge in the latest Canadian Ivey PMI data for March, which beat forecasts and rose to 72.9. The pairing is currently fluctuating around CA$1.73.
The Canadian Dollar (CAD) has benefited from the Ivey PMI jumping to a 10-year high as this indicates a rebounding economy.
Analysts at Reuters commented on the data:
‘The seasonally adjusted index rose to 72.9 from 60.0 in February, surpassing analysts’ expectations for 60.5. It was the highest level for the index since March 2011 and the second highest since the PMI was launched in 2000.’