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Weekly Currency Update - GBP/CAD Week ending 18th September

Weekly Currency Update - GBP/CAD Week ending 18th September

Old Sep 21st 2009, 11:11 pm
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Default Weekly Currency Update - GBP/CAD Week ending 18th September

Hi All,

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

GBP/CAD slipped to four-month low last week as firmer equities and oil prices buoyed the commodity-linked CAD, capitalising against a broadly weaker Sterling. The local Dollar shrugged off news that Canadian consumer prices posted their second steepest fall in more than 50 years in August suggesting inflation will not trouble policymakers as they look to withdraw expansionary measures taken during the recession.

Consumer prices fell by 0.8% in August from a year earlier, with the rate of decline slowing from -0.9% in July, which was the sharpest drop since 1953. Core inflation, which is considered a better gauge of underlying prices, because it excludes volatile items such as petrol and some foods, met expectations by inching up 0.1% on the month and 1.6% on the year. The period of deflation in consumer prices in expected to be short-lived, with prices rebounding later this year as the economy expands.

In a week of little Canadian economic data, market attention will likely focus on Tuesday’s July retail sales, seen posting a 0.6% monthly gain in the latest in a series of upbeat figures.

GBP/CAD Movement – High’s & Low’s of last week (14/09/09 - 18/09/09)

High’s: 1.8075
Low’s: 1.7357

A movement of 4.14%

Difference on £200k

High: 361,500 CAD
Low: 347,140 CAD

Difference of: 14,360 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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