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.’
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Four months ago, there was frustration in economic-policy circles that Ottawa’s $70-billion-to-$100-billion recovery stimulus pledge was a big figure without a plan. That we would have to sit nervously until a spring budget for the government to get started with lifting the economy out of the deep pit of the pandemic.
Now, less than three weeks until that spring budget, it’s a good thing the government waited. The more pressing question is whether the country needs this stimulus at all.
KPMG survey finds support for continued investment in the economy ahead of federal budget, but Canadians want stimulus focused on long-term economic growth yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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IMAGE: Daniel Trefler holds the J. Douglas and Ruth Grant Canada Research Chair in Competitiveness and Prosperity at the University of Toronto s Rotman School of Management and is a Senior Research. view more
Credit: Rotman School of Management
Toronto - An internationally respected trade economist at the University of Toronto s Rotman School of Management is the recipient of the Bank of Canada s Fellowship Award for 2021.
Daniel Trefler, a professor of economic policy and analysis, received the award, which is a renewal of the fellowship first awarded to him by the Bank in 2016. The Fellowship Award provides financial support to academics who are recognized for their expertise and research in areas important to the Bank s core functions for up to a five year term.