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Weekly Currency Update - GBP/CAD week ending 11th December

Weekly Currency Update - GBP/CAD week ending 11th December

Old Dec 7th 2009, 10:40 am
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Default Weekly Currency Update - GBP/CAD week ending 11th December

Hi All,

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

GBP/CAD finished lower last week after numbers showed Canada officially exited recession and as risk appetite perked up as Dubai’s debt uncertainties started to look less worrisome.
Canadian economic output edged back into positive territory in the third quarter after three quarters of contraction, but growth was sub-par as industrial production continued to decline, particularly in the energy sector. Statistics Canada reported on Monday 0.4% annualised growth in real domestic product for the period. But September provided a good hand-off into the fourth quarter by expanding 0.4% on a monthly basis from August.
The recent bout of optimism was further buoyed as Canadian employers hired five times more workers than expected in November in a stunningly upbeat jobs report.
Government figures on Friday revealed the economy added 79,000 jobs in the month, soaring past expectations of a 15,000 gain. Incidentally, the unemployment rate edged lower to 8.5% from 8.6% in October

GBP/CAD Movement – High’s & Low’s of last week (30/11/09 – 04/12/09)

High’s: 1.7580
Low’s: 1.7254

A movement of:1.89%

Difference on £200k

High: CAD 351,600
Low: CAD 345,080

Difference of: CAD 6,520

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.


Mark Bodega
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