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Weekly Currency Update - GBP/CAD

Weekly Currency Update - GBP/CAD

Old Aug 12th 2009, 8:16 pm
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Default Weekly Currency Update - GBP/CAD

Hi All,

As promised here’s a brief update on what’s been happening with the Canadian Dollar over the last week.

GBP/CAD closed broadly unchanged last week, reversing lower from a fortnightly high after the Bank of England surprised financial markets with a decision to expand its quantitative easing package by £50 billion.

However, the CAD failed to fully capitalise on the late bout of Sterling weakness as Canadian job losses in July were more than double what had been expected, prompting the finance minister to speak out and try to calm any “euphoria” over an imminent economic recovery. Statistics Canada said on Friday the economy suffered net job losses of 44,500 in the month, more that double the number forecast as employers cut workers even though the economy is commonly thought to be on the mend after its worst recession since the early 1990’s. However, the unemployment rate remained unchanged at an 11-year high of 8.6% as fewer people stayed in the labour market looking for work.

CAD Movement – High’s & Low’s of last week (03/08/09 - 07/08/09)
High’s: 1.8321
Low’s: 1.7949
A movement of: 2.07%

Difference on £200k
High: 366,420 CAD
Low: 358,980 CAD
Difference of: 7,440 CAD

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
Director - HiFX
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