Weekly Currency Update GBP/CAD - Week ending 16th July
Jul 19th 2010, 2:55 pm
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Weekly Currency Update GBP/CAD - Week ending 16th July
Hi All,
As promised here’s a brief update on what’s been happening with the Canadian Dollar over the last week.
Last week Canada moved back into a trade deficit position in May, recent figures show. Data showed that the economy imported $0.5B more than it sent out.
CAD also underperfromed against the USD as CAD trading tightened ahead of next Tuesday’s Bank of Canada interest rate announcement. The market is pricing in a 100% chance that the bank will hike rates by 25 basis points. The accompanying statement will therefore be watched closely for ideas in what the bank may do next.
On more of the data front new vehicle sales increased in May; Sales had been expected to stay flat but instead were up 0.2%. Manufacturing was also up by 0.4%, just short of the 0.5% predicted.
GBP/CAD movement – High’s & Low’s of last week (12th July – 16th July)
High’s: 1.6195
Low's: 1.5424
A movement of 5%
Difference on £200,000
High: CAD 323,900
Low: CAD 308,480
Difference of: CAD 15,420
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.
Regards
Mark Bodega
Director - HiFX
As promised here’s a brief update on what’s been happening with the Canadian Dollar over the last week.
Last week Canada moved back into a trade deficit position in May, recent figures show. Data showed that the economy imported $0.5B more than it sent out.
CAD also underperfromed against the USD as CAD trading tightened ahead of next Tuesday’s Bank of Canada interest rate announcement. The market is pricing in a 100% chance that the bank will hike rates by 25 basis points. The accompanying statement will therefore be watched closely for ideas in what the bank may do next.
On more of the data front new vehicle sales increased in May; Sales had been expected to stay flat but instead were up 0.2%. Manufacturing was also up by 0.4%, just short of the 0.5% predicted.
GBP/CAD movement – High’s & Low’s of last week (12th July – 16th July)
High’s: 1.6195
Low's: 1.5424
A movement of 5%
Difference on £200,000
High: CAD 323,900
Low: CAD 308,480
Difference of: CAD 15,420
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.
Regards
Mark Bodega
Director - HiFX
