Will The Pound Breach 1.60 Against the Canadian Dollar?
The pound has once again made good gains today although still lies slightly below the 1.60 benchmark against the Loonie. Retail figures tomorrow for the UK will be important as if these are weak you may see the pound slip back but the key data is likely to be Canadian inflation tomorrow afternoon. Expectations are for a level of 2% although a very high figure may suggest more CAD strength. If you are looking at buying Canadian Dollars then it would be well worth geting in touch to see what we can do for you. Potentially a limit order might be useful in the current climate to maximise your rate. Simply e-mail Colm at firstname.lastname@example.org quoting psf in the subject matter and a brief overview of your needs.
In other currency news the pound remains very robust against the Euro with the single currency surviving any further pressure from the Spanish bond auction today but this is unlikely to be the end of the story for this currency pair. In my view anything north of 1.20 represents a very decent buying level given the risk that UK GDP data could pose next week. Also sterling Dollar rates are over 1.60; another good target level so if you are looking to buy Euros or buy Dollars then forward contracts may be a suitable option depending on your exact requirements. If you would like to talk through them in more detail with no obligation or cost then call +44 1494 787 478 and ask for Colm.