July Currency Update by MoneyCorp

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July Currency Update from our Platinum Sponsor MoneyCorp
July 1, 2009

Recent Movements...

GBP/USD

Florida's weather wasn't the only thing heating up in June... Sterling reached an 8 month high on June 30th. Growing hopes of a global recovery prompted investors to shift funds from the safe-haven US currency to higher yielding assets. In this scenario, Sterling usually wins and ultimately reached 1.6715, albeit assisted by positive data confirming house prices had risen in Britain for the second consecutive month.CAD/USD

The Canadian Dollar was also under pressure and in June hit a low against the US Dollar. With CAD coming to its year end, the low may be attributed to last-minute activity. Canadian sellers should look to see if a slight correction can be achieved whilst buyers should seize the moment.
EUR/USD

Although The Euro is struggling against Sterling, it is performing reasonably well against the US Dollar. The Euro zone is still considered vulnerable as investors believe the economy has yet to reach its bottom. Analysts are predicting a stable EUR/USD rate in July with investors looking at how Sterling will perform against both currencies. If you have a client who needs to make a global payment in July, call your Account Manager today.

Let us help your clients get the best possible rate.


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Sincerely,

Laura McLoughlin
Regional Manager