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GBP/CAD January Currency Update

GBP/CAD January Currency Update

Old Jan 12th 2010, 9:18 pm
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Default GBP/CAD January Currency Update

Hi All,

Here is an update of what’s been happening in the Currency Markets throughout December with the Canadian Dollar.

Canada seems to be another country leaving the UK in the shade at the moment, showing consistent improvement with both their GDP and unemployment figures. The improvements have driven the CAD strength bringing them nearer to the bottom of the most recent range.

CAD finished lower at the beginning of December after numbers showed Canada officially exited recession and as risk appetite perked up as Dubai’s debt uncertainties started to look less worrisome. Canadian economic output edged back into positive territory after three quarters of contraction, but growth was slow as industrial production continued to decline, particularly in the energy sector. Canada reported 0.4% annualised growth in real domestic product for the same period.

The recent bout of optimism was further supported as Canadian employers hired five times more workers than expected in November in a stunningly upbeat jobs report. Government figures on Friday revealed the economy added 79,000 jobs in the month, soaring past expectations of a 15,000 gain. Incidentally, the unemployment rate edged lower to 8.5% from 8.6% in October.

Whilst the stronger data from Canada has helped the CAD, no key levels have been broken here. The Bank of Canada were seen keeping interest rates unchanged and are likely to remain on hold until at least the end of Q2 2010.

Central bank rates:

UK: (MPC): 0.50%
Canada: 0.25%

High & Low of the month:

High: 1.7580
Low: 1.6523

Difference of cost on a £200k property:

So a difference of 21,140 CAD


Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.

Regards,

Mark Bodega
Director - HiFX
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