Weekly Currency Update GBP/CAD - Week ending 24th September
Sep 29th 2010, 8:21 am
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Weekly Currency Update GBP/CAD - Week ending 24th September
As promised here’s a brief update on what’s been happening with the Canadian Dollar over the last week.
The Canadian dollar began the week gaining aginst Sterling though that was driven by the weakness in the Pound. The currency, known as the “Loonie”, sharply reversed the gains as reports showed inflation and retail sales unexpectedly fell, adding to concerns over a slowing in economic activity. GDP for June came in at just 0.2% and there are fears that figures this week could show the economy contracted in July. The Dollar ended the week down against the Pound, hitting a 3-week low.
GBP/CAD movement – High’s & Low’s of last week (20th September– 24th September)
High’s: 1. 6280
Low's: 1. 5943
A movement of 2.11%
Difference on £200,000
High: CAD 325,600
Low: CAD 318,860
Difference of: CAD 6,740
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
The Canadian dollar began the week gaining aginst Sterling though that was driven by the weakness in the Pound. The currency, known as the “Loonie”, sharply reversed the gains as reports showed inflation and retail sales unexpectedly fell, adding to concerns over a slowing in economic activity. GDP for June came in at just 0.2% and there are fears that figures this week could show the economy contracted in July. The Dollar ended the week down against the Pound, hitting a 3-week low.
GBP/CAD movement – High’s & Low’s of last week (20th September– 24th September)
High’s: 1. 6280
Low's: 1. 5943
A movement of 2.11%
Difference on £200,000
High: CAD 325,600
Low: CAD 318,860
Difference of: CAD 6,740
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
