GBP/CAD at new highs as stocks crash

GBP/CAD at new highs

We start the week with a very volatile day in the currency market on Monday, with 2% swings in the exchange rates appearing the norm. With global commodities and share prices in apparent free fall due to a China sell off, the currency markets are showing the effects as well.

This has weighed heavily on Sterling, bringing it down over three points against many currencies such as the Euro. The Sterling to Canadian Dollar rates however have done the opposite. Where this has weakened Sterling, the fall in global prices has had a much larger effect on commodities based currencies such as the Loonie.

Today we have seen GBP/CAD at new highs with exchange rates reaching 2.095, which the highest level since mid 2007. Just last week, we opened Monday’s trading with the mid market around 2.037. These movements mean a typical transfer of £250,000 would see you get an extra $14,500 CAD in just one weeks movements.

If you would like to  take advantage of these recent movements, open a free, no obligations trading facility today. We offer commercial rates of exchange much better than you high street banks or bureau de change. With various contracts to suit every need, we can help you make the most of your money.

GBP/CAD Graph

GBP/CAD at new highs

This weeks data moving exchange rates

This week is fairly quiet on the data front but as you can see from today’s movements, it doesn’t mean we won’t see a lot of movement in the exchange rates. Only time will tell how the markets will recover from this and where the exchange rates will land once the dust has settled.

The most important data of the week will be from the UK in the form of the second estimate GDP on Friday and a speech by Bank of England, Governor Carney, on Saturday. With the anticipation of a rate hike in the UK, the tone of this speech could really move the exchange rates if Mr Carney hints we are moving closer.

There is some minor house price data and corporate profits from Canada but it will be events from overseas that will move the exchange rates, rather than domestic data.

If you would like to find out more about how these releases could effect your currency purchase or just want a free quote on your currency requirements, contact us on the details below today.

Written by: Richard Beaumont

Email: [email protected]

Telephone: 01442 892060