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Weekly Currency Update GBP/CAD - Week ending 12th February

Weekly Currency Update GBP/CAD - Week ending 12th February

Old Feb 16th 2010, 12:33 am
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Default Weekly Currency Update GBP/CAD - Week ending 12th February

Hi All,

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

The sovereign debt issues in European, mounting budget deficits in the U.S. and U.K. makes a fiscally sound Canada an attractive destination for investors. The “loonie” has taken on an unusual role of a safe-haven in the midst of the current turmoil. However, it is still subject to risk sentiment moves due to the currency’s link with oil prices.

A jump in housing starts to 186K from 174K combined with last week’s strong labour report is evidence of building domestic growth.

Sterling struggled last week following a less than optimistic outlook from the bank of England’s quarterly inflation report. The dollar also benefited from an increase in investor risk sentiment from the possible bail out of Greece.
The Canadian dollar got a boost as crude oil futures posted their first weekly gain since January, advancing 4.2 percent to $74.20 a barrel. Raw materials make up half of Canada’s overseas sales, with oil being the largest export.


GBP/CAD Movement – High’s & Low’s of last week (08/02/10 – 12/02/10)

High’s: 1.6805
Low’s: 1.6402

A movement of:4.03%

Difference on £200k
High: CAD336,100
Low: CAD328,040

Difference of: CAD 8,060


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
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