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Weekly Currency Update - GBP/CAD Week ending 14th August

Weekly Currency Update - GBP/CAD Week ending 14th August

Old Aug 18th 2009, 12:28 am
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Default Weekly Currency Update - GBP/CAD Week ending 14th August

Hi All,

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

GBP/CAD was left pivoting the 1.80 level last week as a see-sawing oil price coupled with mixed economic data from both the UK and Canada dictated the trading bias.

The CAD initially slipped against a broadly weaker Sterling as the oil price fell below $69 per barrel and Canada’s trade deficit came in at a much smaller than expected CAD55mln in June, but underlying trade weakness was expected to eat into second quarter gross domestic product. Exports rose for the first time for four months in June, increasing by 2.3% to CAD29.3bln on the back of demand for energy products.

Imports in June dropped 1.3% to CAD29.3bln, the lowest level since 2004. A separate report on Friday revealed the value of Canadian manufacturing shipments jumped by 1.9% in June from May, posting the first increase in four months on stronger aerospace and energy sales.

In Canada, this week’s key release will be Wednesday’s July inflation data with core CPI expected to ease back to 1.8%y/y, in line with the Bank of Canada’s projections.

In the UK, recent Unemployment figures showed a 13 year high which had a negative effect on the Pound as they suggest that the deterioration in the labour market is yet to show signs of stabilisation.

CAD Movement – High’s & Low’s of last week (10/08/09 - 14/08/09)

High’s: 1.8205
Low’s: 1.7850

A movement of: 1.99%

Difference on £200k

High: 364,100 CAD
Low: 357,000 CAD

Difference of: 7,100 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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