• The Canadian dollar narrowly escaped further weakness as it managed to maintain levels against the US dollar and sterling, despite shortcomings in their wholesale sales. Expected at 0.1%; the actual figure was released at -1%, nearly 3% worse than last month’s result. It was in the Canadian currency’s favour, however, that sterling seemed to have been on a gentle downward slope yesterday, which helped to negate the poor economic data.
• Switzerland is continuing to feel the strain as the Swiss franc hit a four-month low against sterling, with levels over 1.5! There’s no clear indication as to why this has happened, but one can only assume that Switzerland’s relationship with its trading partners in the Eurozone is having a knock-on effect on the franc. The trade balance release today is forecast to reflect the slowing of trade with the European Union. This is is expected to be nearly a billion less than last month’s figure, as the weakening of the euro will have made Swiss products more expensive than they would have been, reducing Swiss exporters’ export competitiveness.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.