GBP/CAD rates of exchange took a slight hit to begin the week but have continued in their recent fashion of stability which has governed GBP/CAD exchange rates over the past few weeks.
The minor market mover came from the results of the European wide stress tests conducted on the top 51 high street banks in the area, with the UK coming out of the exchange with a mixed bag of results.
Overall it was an improved performance, with HSBC, Lloyds, and Barclays showing a robust improvement to their ability to cope with a financial crisis. However, RBS was the black sheep amongst UK financial institutions with the third worst performance out of the top 51 institutions in Europe, and this list even included Italian Banks who are currently in a debt crisis.
With 73% of RBS owned by the UK taxpayer, the news was received poorly for the image of the Pound and its stability, particularly since the likelihood for an interest rate cut in the UK has dramatically increased following the announcement of a Brexit vote.
Moving forward the UK interest rate decision this Thursday will be the major market mover this week, and it is difficult to know where the news will be come Thursday lunchtime. At the moment it seems still more likely than not that the UK will be cutting interest rates over the next few weeks.
As such I strongly recommend that anyone with a Canadian Dollar buying requirement should contact me on 01494 787 478 and ask the reception team for Joshua to discuss a strategy for your transfer in order to maximise your currency return.
I have never had an issue beating the rates of exchange offered elsewhere, and these current buying levels can be fixed in place for anyone with a Canadian Dollar buying requirement later in the year and are worried where exchange rates may journey to in the meantime. [email protected]