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Weekly Currency Update - GBP/CAD Week ending 21st August

Weekly Currency Update - GBP/CAD Week ending 21st August

Old Aug 24th 2009, 2:18 am
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Default Weekly Currency Update - GBP/CAD Week ending 21st 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 eased to a three-week low last Friday as the Canadian Dollar took comfort from the oil price climbing back above $74 coupled with improved investor risk appetite.

The local Dollar erased initially losses against the Pound despite Canadian consumer prices falling at their steepest rate in 56 years in July, due to a sharp decline in energy costs. Overall prices dropped 0.9%y/y, reflecting a 23.4% collapse in energy prices. Economists had expected a 0.8% decline in overall prices in July from July 2008. The actual figure – the steepest drop since 1953 – is far weaker than the Bank of Canada’s target range of around 2.0% annual inflation. The core annual inflation rate – closely watched by the BoC – dropped to 1.8% from 1.9% in June. The Central Bank has promised to keep its benchmark interest rate at a record low of 0.25% through to June 2010, conditional that inflation remains under control.

By Friday the Sterling weakness triggered by the collapse in public finances and the soaring oil price had taken GBP/CAD all the way down to 1.78.

This afternoon’s June retail sales figure will be the likely focus for this week, with the market looking for a modest 0.2% increase following a strong 1.2% rise in May.

CAD Movement – High’s & Low’s of last week (17/08/09 - 21/08/09)

High’s: 1.8305
Low’s: 1.7810

A movement of: 2.78%

Difference on £200k

High: 366,100 CAD
Low: 356,200 CAD

Difference of: 9,900 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.


Mark Bodega
Director - HiFX
Windsor2 is offline  

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