Yesterday saw some big swings on the GBPCAD exchange rate reminding us how important it is to be prepared on the currency markets of any unexpected twists and turns. Just as the pound was having a very bad day and GBPCAD to 1.6780 the Bank of England Governor Mark Carney dropped some hints that he might wish to raise interest rates sooner in the UK than had previously been believed causing the rate to rocket to, by 3 hours later we were up at 1.6960! However the rally was halted by comments from the Bank of Canada Governor Poloz that he too might be looking to raise interest rates sooner! This pushed the level back down with the headline level currently in the higher 1.68’s. A well timed transfer during this period on £100,000 buying Canadian dollars could have netted an extra 2,200 CAD.
We offer a specialist service to help clients moving large volumes of 50,000 GBP to multi millions get the best rates of exchange. Through careful analysis and understanding of the market we seek to assist clients looking to transfer large volumes with a proactive and personal service. Highlighting the latest themes and trends in the market plus explaining the future direction will all help aid you in making an informed choice about the best course of action.
Typically the raising of interest rates causes a currency to strengthen, hence the strength of the US dollar at present. Mere speculation this might happen can also influence prices on exchange rates as we saw yesterday. If you have a transfer to consider and wish for some assistance with the planning and execution in order to help you get the best rates then please speak to me Jonathan Watson by emailing [email protected] to learn more.
Thank you for reading and I look forward to hearing from you.