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Weekly Currency Update - GBP/CAD week ending 27th November

Weekly Currency Update - GBP/CAD week ending 27th November

Old Nov 30th 2009, 1:37 pm
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Default Weekly Currency Update - GBP/CAD week ending 27th November

Hi All,

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

GBP/CAD ground progressively lower last week buoyed by firmer than expected retail sales data and news that Russia’s Central Bank were looking to add Canadian Dollars to its currency reserves.

Canadian retail sales grew twice as much as expected in September as consumers ramped up their spending on a wide range of goods, suggesting the economy grew at a healthy clip in the month.

Sales jumped 1.0% from August, with the biggest gains in the auto sector and at supermarkets, but trade was still down some 3.3% from a year earlier. The CAD found further momentum on Wednesday as Russia’s Central Bank said it was preparing to invest some of its foreign exchange reserves in Canadian Dollars to diversify its portfolio. Russia has been diversifying its $400 billion-plus reserves – the world’s third largest – to reduce dependence on the US Dollar.


GBP/CAD Movement – High’s & Low’s of last week (23/11/09 – 27/11/09)

High’s: 1.7621
Low’s: 1.7369

A movement of: 1.45%.

Difference on £200k

High: $352,420
Low: $347,380

Difference of: $5,040

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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