Posted by Allison on 16 July 2011, 15:25
At the beginning of June the pound was able to claim an exchange rate of 1.6495 against the US dollar. This seemed quite respectable and we were hopeful that we could at least keep up this kind of exchange rate on the currency converter for the remainder of June. But would it actually be so easy?
The short answer was no, it wouldn’t be that easy at all. We had just a few short days to go until the end of the week, when the pound closed the week on 1.6324. Slightly lower and slightly concerning, as we thought this could be the beginning of a bad month. Would we be proven right?
We jumped back to 1.6417 against the US dollar the following week but that would be about as good as things would get. By the time the week was over we were back down to 1.6305. But we would have further depths to plumb yet, and this was only the beginning of the journey.
Remember that closing rate as we move on and through the following week too. By the time we had negotiated our way through the murky exchange rates of the next week we had managed to suffer still further. It hardly seemed possible at the beginning of the month but now we were on a rate of 1.6168 and diving closer still to the $1.60 level. Could it actually happen that a month which started reasonably well fall to such low levels?
The 21st June saw a better rate as we managed to get ourselves back up to 1.6209. But it didn’t last long. In fact just two days later we dipped to 1.5975 before finishing the week on a marginally better 1.6003.
It was not long to go until the month was over now. During those last few days we fell below the $1.60 level twice more, only to finish the month on 1.6013. At least we had seen out the month without falling below the $1.60 mark. But how long could we stay above it?