By Alex Ellis

Sterling remains a weak currency clearly showing a significant lack of confidence across the currency market. This follows news that Iceland may not be able to repay the £3.6 Billion that it owes to the U.K. government following the collapse of the Icelandic banks back in 2008. The consequences of this are that the pound has seen no short term confidence as there seems to be now initial reduction in the growing national debt.

 Although last week did see the Product Price Index data released for the U.K. with data coming out much better than expected, this caused Sterling to gain some lost ground in early morning trading. However as is often the case this spike was short lived and therefore if you didn’t take advantage of these rates you may regret this.

For those looking to buy Canadian Dollars last week showed some significant losses and therefore there was a refreshing relief when the Canadian unemployment figures were released and showed that unemployment levels remained at 8.5%. The prediction was that this figure would decrease and therefore this caused the CAD to stutter its growth against the pound.

For anyone looking to purchase currency the market remains volatile and clearly you would want to maximise your savings and minimise your risk when sending money overseas, contact a currency broker in order to keep on top of the currency market.