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By Leigh Smith

Surprising movements have been seen on the currency markets today as prices haven’t reflected the new interest rate hike seen for Canada this afternoon.

The Bank of Canada today raised rates 0.25% to 0.75%. According to analysts however, this had already been completely priced into the markets as it looked so much of a certainty therefore had little affect. However, the central bank did downgrade their growth forecast for the remainder of 2010 and the markets have reacted, sending GBPCAD exchange rates 0.2% up for the day from a day low of 0.4% down.

By Michael Vaughan

Sterling has had a poor day against both the US and Canadian dollar today falling 0.5% and 0.75% respectiveley.

The pound had started the day in a positive fashion following reports over the weekend that once again Andrew Sentance of the Monetary Policy Committee voted for an interest rate hike at this months meeting (this will be confirmed on Wednesday when the minutes are officially released). However throughout the course of the day these gains were quickly wiped out and the pound may come under continued pressure on Tuesday when will see the release of public finances data for June, with second-quarter gross domestic product figures due on Friday.

By Leigh Smith

Good news for people looking at buying US and Canadian dollars this morning as levels have reached new highs of recent months. GBPUSD pushed through the 1.54 barrier and GBPCAD over 1.60.

Unfortunately there seems to have been some profit taking from these high positions and the levels have crept back a touch from their high point, but with trading levels still at very attractive prices it may be prudent to submit an enquiry today and one of our award winning currency brokers will be in touch to explain how to make the most of current GBPUSD and GBPCAD exchange.

By Michael Vaughan

GBP rates had a strong day against both the US and Canadian Dollar gaining 0.6% and 1.5% respectively. This has brought GBP levels to a near 3 month high against the greenback and created some good buying opportunities in the current climate.

As for GBP/CAD today’s movement has taken levels near the highs of beginning of the month when the GBP/CAD breached 1.60 for the first time since February.

With little data due for release tomorrow and the general trend positive for the pound in recent weeks, we could see a small reversal tomorrow caused by profit taking, therefore if you are buying dollars you may wish to trade early tomorrow.

By Leigh Smith

Good morning readers,

Yesterday evening the Federal Open Market Committee released their minutes from their meeting at the start of July. The FOMC warned of a reduction in GDP growth for the US and highlighted the dangers of a double dip recession.

This has caused sterling to gain a touch during early morning trading today, a welcome uplift for anyone looking to buy US dollars. Levels currently available are now at a new 2 month high.