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GBP/CAD Weekly Currency Update - Week ending 24th July

GBP/CAD Weekly Currency Update - Week ending 24th July

Old Jul 27th 2009, 10:55 pm
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Default GBP/CAD Weekly Currency Update - Week ending 24th July

Hi All,

Here’s an update on what’s been happening in the currency markets over the last week.

The surge in risk appetite around the globe has manifested itself in a sharp 10 day appreciation in global stock markets, a similar boost to the oil price and a slide in the Dollar, with most currencies other than the US Dollar and the Yen gaining the benefit. With the catalyst for this risk appetite coming from improvements in US sentiment, the Canadian Dollar (as a neighbour) is getting a particular boost.

Domestically, the Canadian Dollar was boosted by an encouraging set of Retail Sales figures (+1.2% m/m) and an upwardly revised forecast from the Bank of Canada, who now see Q3 growing 1.3% (from a 1% decline) and the first half of 2010 growing by 4%!

CAD Movement – High’s & Low’s of last week (20th – 24th July)

High’s: 1.8329
Low's: 1.7734
A movement of 3.36%

Difference on £200,000
High: 366,580 CAD
Low: 354,680 CAD

Difference of: 11,900 CAD

Whilst FX certainly 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.

Best Regards

Mark Bodega
Director - HiFX
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