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June 14, 2023Struggling to find upward momentum, GBP/CAD has shed 4 pips to currently trade at 1.6787 as it ranges between 1.6779 and 1.6795 so far today.
Manufacturing Production data from United Kingdom will be released today at 06:00 UTC with analysts expecting a decline to -0.4%. Potentially significant price fluctuations in Sterling-Canadian dollar are expected to follow.
Data for United Kingdom Average Earnings Index +Bonus published yesterday at 06:00 UTC came out at 6.5, beating projections of 6.1 and showing improvement over the preceding figure of 6.1.
Meanwhile, United Kingdom Claimant Count Change (May) released yesterday at 06:00 UTC with a figure of -13,600, while the previous figure was 23,400. United Kingdom Employment Change 3M/3M (MoM) (Apr) came out at 250,000, while a consensus of analysts was expecting 150,000.
In the meantime, negative performances are seen in other pairs, after ending yesterday's session at 151.24, EUR/JPY lost 15 pips and is trading around 151.09. USD/JPY is down to 140, losing 19 pips, after closing at 140.19 in the preceding trading session. GBP/JPY closed at 176.61 (down 0.11%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United Kingdom GDP is projected to outperform its last figure with 0.2%. It previously stood at -0.3%; data will be released today at 06:00 UTC.
Moreover, today at 06:00 UTC data for United Kingdom Manufacturing Production will be released, with an expected decline to -0.4% from the preceding figure of 0.7%.
Furthermore, United Kingdom Monthly GDP 3M/3M Change (Apr) will be released today at 06:00 UTC.
Trading mostly sideways for a month. As things stand, Sterling-Canadian dollar is 14.5% away from a significant low of 1.4665 first set 8 months ago.
