Buying Canadian Dollar rates up and preparing for massive swings ahead of UK growth figures (Joshua Privett)

GBP EUR Exchange Rate: Weekly Review July 16  

Buying Canadian Dollar rates have seen a boost this morning ahead of the UK’s key data release over the last few months, growth data.

It has been a long wait to get a macro-view of just how much the Brexit vote has affected the UK economically since June 24th. The economic shock of the Brexit is something which has been in the news heavily over the past few months, but in the past it has been impossible to quantify wholly for markets to get a thorough understanding of just how well the UK is handling the situation.

The past few months have been rife with second guessing just what the impact is, with GBP/CAD swinging wildly as a result. Most notably markets trying to second guess expectations manifested itself as the flash crash on the Pound just over a few weeks ago.

Expectations are for a steep drop on UK growth from Q2 of 0.7% to this quarter down to 0.3%. More than halving the previous momentum in the UK economy preceding the Leave vote, and nothing has even changed yet…

However, this is largely priced into the market arguably, given the currently low weighted basis of Sterling. So what would cause the serious movement necessary would be a figure which comes in higher or lower than what is currently expected.

Anything lower, will have markets worried about the potential for recession, and anything higher is suggestive of a robust economy that may weather the leave vote relatively well. Any deviation, given the gravity of the news, will likely produce heavy swings and dispel the current stagnation currently pervasive in the marketplace as financial continue to hold a character in limbo.

With the market likely to be very different by the time many readers digest this post, given that the news is emerging in 15 minutes. So if you have a planned transfer, and wish to get a better idea of what the current market is offering and expectations area following the news, whether that be positive or negative for Canadian Dollar buyers, you can contact me on my direct line – 01494 725 353, and simply ask the reception team here to speak with Joshua to discuss a strategy for your transfer aimed at safeguarding yourself from any further falls, or indeed securing any opportunities which may emerge.

You can also contact me on [email protected] and I will be in contact with you as soon as I am able.

I have never had an issue beating the rates of exchange on offer elsewhere and these current buying levels can be fixed in place for anyone planning a foreign currency transfer in the future and would like to secure a rate of exchange now and avoid this risk in this currently hypersensitive and charged market.