UK GDP figures come in stronger than expected, GBP/CAD rates spike back up

Pound to Euro Surges to 3-Week High

We are back to where we started on Monday, with GBP/CAD rates holding back up in the high 2.02’s following a strong showing by the UK economy in the recent release of GDP figures for the second quarter of 2015. Between April and June initial figures show that the UK economy grew by 0.7%…a surprise as recent figures had shown a contraction last month in certain sectors of the economy, such as retail.

Because markets were expecting a poor showing for Sterling, rates journeyed down to the low 2.02’s yesterday. However, this was short-lived, following a strong showing for Sterling we are back up in the high 2.02’s and even reaching 2.03 very briefly.

We have been marred between 2.0 and 2.03 for a few weeks now since the current trading levels spiked with a combination of Iran’s lifted sanctions and a Canadian interest rate cut. Those with a short-term CAD requirement should be looking to take advantage of the current rates while they are the higher end of the current trading bands for the pair Call 01494 787 478 to receive a free quote on your transfer. Similarly if you are looking to sell, give me an idea of your timeline and I can advise you on how to make the most of your CAD in a down market.