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GBP/CAD February Currency Update

GBP/CAD February Currency Update

Old Mar 7th 2010, 10:55 pm
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Default GBP/CAD February Currency Update

The sovereign debt issues in European, mounting budget deficits in the U.S. and U.K. makes a fiscally sound Canada an attractive destination for investors. The “loonie” has taken on an unusual role of a safe-haven in the midst of the current turmoil. However, it is still subject to risk sentiment moves due to the currency’s link with oil prices.

The Canadian dollar got a boost as crude oil futures posted their first weekly gain since January, advancing 4.2 percent to $74.20 a barrel. Raw materials make up half of Canada’s overseas sales, with oil being the largest export.

Data releases provided little surprise, with manufacturing sales upbeat in Dec, inflation was in line with the BoC target at 2.0% for Jan. Despite the firm reading we do not expect the BoC to raise rates any time soon. Retail sales improved in Dec but fell short of expectations. The data calendar is relatively light, with the highlight being the Q4 current account which should narrow after 4 consecutive months of deterioration. The CAD has found general support in firm commodity prices which rallied after the risk aversion fears relating to Europe dissipated.

Central bank rates:
Canada (BOC) 0.25%
UK: (MPC): 0.50%

High & Low of the month:

High: 1.7091
Low: 1.6019

Movement: 6.69 %

Difference of cost on a $200k property:
High: £341,820
Low: £320,380

So a difference of £21,440

All of the information above can be explained clearly by your personalised dealer should you open a trading facility with HIFX. To discuss your requirements in more detail and for a free currency consultation please contact HiFX plc on 01753 859 159 or email [email protected].
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