Yesterday offered a fantastic short term buying opportunity for Sterling holders as the Loonie suffered with even more analysts backing the likelihood of a FED hike on Wednesday. The Pound jumped from 1.649 to 1.667 over the course of the day, making a $200,000 transfer £1,300 cheaper Today’s surge is a great example of just how important timing can be with international transfers. Why not create an account with one of our currency experts today to make sure you can capitalise on the next spike in the market.
Despite an initial plunge, the Canadian dollar managed to protect the fantastic gains that it made over the course of last month, just about holding strong above the 0.60 mark against the Pound and 0.76 mark against the dollar.
Following a hugely positive week, the Loonie took further stability from the news that 11 non OPEC members have promised to cut oil production by almost 486,000 barrels per day and somewhat aligning themselves with their major OPEC counterparts in a bid to drive prices higher.
As Canada’s major export, a rise in the global price of oil is seen to be a great boost to the economy; this should spell long term stability for the Canadian dollar, with investors potentially seeing the Loonie a safer bet to other commodity based currencies within the market.
Despite all of this, the FED’s interest rate hike decision on Wednesday is likely to draw a lot of attention to the US Dollar over the coming days so there is potential of CAD weakness for Sterling to capitalise on.
This of course will be very much dependent on the Bank of England’s interest meeting later on this week. Although no immediate change is expected, any indication to a shift in stance long term could well have an effect on the rates short term. I expect both to be big market movers and urge anyone with a CAD requirement to get in touch with their account manager to make sure they are in a position to make an informed decision going forward.
Other key economic data to consider comes straight out of the Bank of Canada’s financial stability review on Thursday. Offering a raft of data on the housing market, investors will be watching this closely as Real estate often gives a strong reflection of the health of an economy.
If you have any questions regarding todays Canadian Dollar report, you can email firstname.lastname@example.org and Id be happy to assist you. Furthermore, if you have a currency requirement and would like to speak to someone, our team of highly knowledgeable brokers are here to take your call on 01494 725 353.
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