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GBP/CAD January Currency Update

GBP/CAD January Currency Update

Old Mar 1st 2010, 11:29 pm
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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.

Data releases provided little surprise last week, 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 this week, 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.



GBP/CAD Movement – High’s & Low’s of last week (22/02/10 – 26/02/10)

High’s: 1.6353
Low’s: 1.6019

A movement of:2.09%

Difference on £200k

High: CAD327,060
Low: CAD320,380

Difference of: CAD6,680

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
HiFX
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