As you will see from the graph below, the GBP/CAD exchange rates have been fluctuating between 1.76 and 1.78 throughout the week so far.
There were no surprises instore from Canada today, as the New Home Price Index came in on forecast of 0.2%. This left news from overseas to control the exchange rates. In today’s report we will look at what has been moving the exchange rates and what it means for your currency purchase.
Pound falls on Super Thursday
The Bank of England kept interest rates on hold at 0.25% again today, for another month running. This was widely expected and so, did little to move the exchange rates itself. Once again, there was one member voting for a hike. This did little to boost the Pound as she is known to be a very hawkish member, who will be stepping down very soon, leaving the remaining more dovish members to the voting.
What was unusual, was we here there are normally nine MPC members. Today however there were only eight. This was down to one of the nine members having to step down following allegations of a possible conflict of interests.
It was actually the accompanying statement that caused the Pound to lose value. The Bank of England have cut their growth forecast for this year.
Canadian pension fund managers investing in UK
There are signs of good news for Sterling ahead of Brexit, as London’s financial market place is still looking a very attractive to foreign investors. Companies seem keen to avoid the Capital Markets Union clampdown in the EU.
Earlier this Week one of Canada’s largest pension fund managers opened an office in London which has a great deal of positive implications on the UK economy and the price of Sterling.
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Using Foremost Currency Group could save you thousands on your currency purchase. We offer very competitive exchange rates and have various contracts to suit every requirement. Whether you are buying a property abroad, paying foreign suppliers or just topping up an overseas account, we can help save you money.
Opening a trading facility with Foremost Currency Group does not cost or obligate you in any way and only takes a few minutes online.
Alternatively, if you would just like a free quote on your currency purchase to find out how much you could save, request a free consultation today or contact us directly on the details below.
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