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GBP/CAD January Currency Update

GBP/CAD January Currency Update

Old Jan 25th 2010, 2:05 am
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Default GBP/CAD January Currency Update

Hi All,

As promised here’s a brief update on what’s been happening with the Canadian Dollar over the last week.

The Canadian dollar weakened the most since October as uncertainty over U.S. banking regulations, Greece’s finances and China’s monetary policy dulled investors’ appetite for higher-yielding assets.

Canada’s dollar fell against most of its major counterparts as stocks tumbled and crude oil, the nation’s biggest export, dropped.

The Bank of Canada has once again left interest rates at a historic low of 0.25%, and reiterated its conditional pledge to hold the policy rate until the end of Q2 2010.

The overall tone of the accompanying statement remained cautious, with the risks to the economy seen on the upside and downside. Rates were kept at a record low over repeated concern that the currency’s strength is hindering the nation’s economy.



GBP/CAD Movement – High’s & Low’s of last week (18-01-10 to 22-01-10)

High’s: 1.7095
Low’s: 1.6720

A movement of: 2.24%

Difference on £200k

High: CAD $ 341,900
Low: CAD $334,400

Difference of: CAD$ 7,500

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.

A further update will be added next week.

Regards,


Mark Bodega
Director - HiFX
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