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GBP/USD Febuary Currency Update

GBP/USD Febuary Currency Update

Old Feb 5th 2010, 2:24 am
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Default GBP/USD February Currency Update

The last week of the month began with the BoC as expected leaving rates on hold at 0.25%. Within the accompanying statement the central bank suggested that domestic demand will be the primary driver of growth for Canada vs. export led gains. On the currency front they suggested that the strength of the Canadian Dollar continues to act as a significant drag on economic activity. To this end they also revised down their growth outlook for 2010. Later the Monetary Policy report echoed the sentiment left by the BoC which set the stage for the very disappointing retail sales reading. During the month of November sales levels fell by 0.3% raising questions marks over the BoC's certainty of a domestic lead growth phase.

Finally it was also reported that the Russian Central bank has ceased their CAD buying program for reserve purposes. The absence of this psychological cap has helped open up the upside for this currency pair. This week look for the GDP reading due of Friday which is expected to be soft after the weak retail sales data

Current Central Bank Rates:

US (Federal Reserve): 0.00 – 0.25%
UK (Bank of England): 0.50%

GBP/USD Highs & Lows of January:

High: 1.6461
Low: 1.5897

A movement of: 3.55%

Difference this would make on £200k
High: $329,220
Low: $317,940

A difference of $11,280

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].

Last edited by Windsor2; Feb 5th 2010 at 2:43 am.
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