Weekly Currency Update GBP/CAD - Week ending 6th August
Aug 9th 2010, 2:05 pm
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Weekly Currency Update GBP/CAD - Week ending 6th August
As promised here’s a brief update on what’s been happening with the Canadian Dollar over the last week.
The Canadian dollar, or the ‘loonie’, had a mixed week. It began weaker against the pound before strengthening dramatically mid week, only to weaken dramatically on Friday. The only significant data from Canada were the employment numbers which came out on Friday. Canadian firms unexpectedly slashed 9,300 jobs in July after tallying about 93,000 in job additions in June. The market was expecting an increase of 13,700 new jobs! This drop in Canadian employment caused the nation’s jobless rate to worsen to 8.0% from 7.9%, casting additional doubts over further interest rate hikes this year.
GBP/CAD movement – High’s & Low’s of last week (2nd August– 6th August)
High’s: 1.6455
Low's: 1.6037
A movement of 2.61%
Difference on £200,000
High: CAD 329,100
Low: CAD 320,740
Difference of: CAD 8,360
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, or the ‘loonie’, had a mixed week. It began weaker against the pound before strengthening dramatically mid week, only to weaken dramatically on Friday. The only significant data from Canada were the employment numbers which came out on Friday. Canadian firms unexpectedly slashed 9,300 jobs in July after tallying about 93,000 in job additions in June. The market was expecting an increase of 13,700 new jobs! This drop in Canadian employment caused the nation’s jobless rate to worsen to 8.0% from 7.9%, casting additional doubts over further interest rate hikes this year.
GBP/CAD movement – High’s & Low’s of last week (2nd August– 6th August)
High’s: 1.6455
Low's: 1.6037
A movement of 2.61%
Difference on £200,000
High: CAD 329,100
Low: CAD 320,740
Difference of: CAD 8,360
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
