GBP/CAD March Currency Update

Old Apr 12th 2010, 12:44 am
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Default GBP/CAD March Currency Update

Political uncertainty drove Sterling sharply lower at the beginning of the month as mentioned in the other articles. This saw the Pound break below 1.60 and eventually the lowest level since 1985 of 1.51!

Leading indicators arrived in line with expectations with a month on month growth rate of 0.8%. The bigger news however was Bank of Canada Governor Mark Carney’s comments; In his statement he noted that the BoC had not changed its view on the Canadian Dollar. Furthermore, the BoC expects Q1 GDP to be stronger than originally expected. Finally he stated that there was considerable excess supply and that their focus is on inflation over medium term and not the next month or next quarter.

The reaction was mixed as some interpreted his statement as more hawkish although we believe the statement was overall neutral with a mild negative bias. The Dollar also continues to benefit from the movement higher in Oil prices as speculators continue to drive prices higher.

Current Central Bank Rates:

BOC (Bank of Canada): 1%
BOE (Bank of England): 0.50%

GBP/CAD Highs & Lows of March:

High: 1.5954
Low: 1.5115

A movement of: 5.55%

Difference this would make on £200k

High: CAD 319,080
Low: CAD 302,300

A difference of CAD 16,780

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].

Kind regards

Mark Bodega
Director - HiFX
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