020 7898 0500Canadian Gross Domestic Product (GDP) figures set to be released at the end of the week has provided a negative outlook for the Canadian economy; this caused the dollar to fall against sterling yesterday. The fall in value was fuelled by an appetite from traders for short-term Canadian dollar positions, acting on selling opportunities ahead of this Friday’s figures.
Meanwhile, continuing political unrest in Turkey saw significant weakening of the lira against sterling. Opposition leaders have called for the resignation Prime Minister Recep Tayyip Erdogan, who is under pressure following allegations of financial impropriety. One aspect of the fallout from these allegations has been the damage done towards sentiment for the emerging market’s assets, which has triggered a significant fall in value of the lira this year.
Elsewhere, positive movement for the Australian dollar on Monday was weakened by news that Toyota would cease the production of their motor vehicles in the country. Adding to a raft of recent withdrawals from other major manufacturers like Holden and Ford, Toyota’s news means more predicted job losses for the already struggling economy, and suggests further weakening of the Australian dollar against its major peers.
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