Windsor2

Sterling rebounded from the 1.60 level at the end of the month after data showed that retail sales rose 1.1% in July, more than the 0.4% expected. The minutes from the Bank of England meeting were released. The 8-1 vote showed that Andrew Sentance continued to call for a rate hike despite recent soft data on housing and reports from the BoE that mortgage and business lending are still declining. The Canadian dollar strengthened in the early part of the end of the month after BHP Billiton made a $38bn bid for Canada’s Potash Corp. The merger excited traders because it would create an emergency in demand for Canadian dollar in order to pay for the merger.

Central bank rates:

Canada (BOC) 1%
UK: (MPC): 0.50%

High & Low of September:

High: 1.6422
Low: 1.5795
Movement: 3.97%

Difference of cost on a $200k property:

High: £328,440
Low: £315,900
So a difference of £12,540


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