Friday, 17th January 2014 | In forex trading. the British Pound gained considerably against most major international currencies as retail sales in the UK was reported to be very strong compared to estimates for December coming in at a 5.2 percent increase compared to an estimate of 2.5 percent. The Pound shot up immediately on the announcement.
The Canadian dollar on the other hand is suffering from concerns that a drop in employment reported for December and other signs of weakness in economic data will probably lead to lower interest rates to help boost the economy. These developments were visible in local currency trading on Friday.
The Jamaican dollar make up ground on the Canadian dollar but slipped in value against the British Pound and the US dollar on a day that saw more buying of USA and Canadian dollars than the amount sold but more selling of the Pound than the quantity bought.
Trading picked with more currencies bought than on Thursday with the equivalent of US$32,338,697 being purchased by dealers versus US$32,877,488 being sold.
There was buying of US$28,020,320 by dealers at an average rate of $106.24 an increase of 23 cents and selling of US$27,638,881 with the rate increasing by 4 cents to $106.87. The Canadian dollar rate eased by 22 cents to end at $95.83 as dealers bought C$932,300 and sold C$622,107 at $97.73 for a 31 cents fall and the British Pound rate climbed by $2.19 to hit $174.11 as dealers bought £1,479,640 and sold £2,242,811 at $177.46 as the rate closed up by $2.26.
Other currencies trading picked up considerably over Thursday’s level of the equivalent of US$194,967 purchased to US$1,052,638 on Friday and selling of US$945,591 compared to US$173,291 sold on Thursday.
Highs & Lows | The highest buying rate for the US dollar closed at $107.85, up 35 cents for the day and the lowest buying rate remained unchanged at $87.01. The highest selling rate dropped by $1.76 to close at $109.73 and the low fell by $1.30, the same amount it increased by the day before to close at $102.60.
The highest buying rate for the Canadian dollar jumped big on Friday by $6.60 to end at $105.05, while the low closed unchanged at $77.85 as well the highest selling rate at $101 and the lowest selling rate of $93.80.
The highest buying rate for the British Pound ended at $177.55, an increase of $1.85, the low was unchanged at $140.81. The highest selling rate gained by 64 cents to end at $178.77 and the low jumped by $25.45 to close at $169.65.
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