A Topsy Turvy Time Against the US Dollar
Posted by Allison on 18 April 2011, 15:06
Sometimes you just never know how the British pound will perform against the US dollar. The closing rate for the pound against this mighty currency was 1.6221 in February. But would we see better or worse as March got underway?
There was a slight improvement to 1.6265 at the end of the first week of March, but if we speed ahead to the end of the second week we’ll see quite a change. This was when the currency converter showed us a conversion rate of 1.5992 instead, which was quite a difference in just five days of trading. The question now was whether the US dollar was on a roll or whether the pound could pick up its performance and start doing better again.
Monday was a good day for the pound though, as it managed to successfully pick up a rate of 1.6108 by the close of the day. But was this a small leap that would be cancelled out again, or was it the beginning of a peak we hadn’t yet seen the top of?
Well we did manage to improve marginally throughout the rest of that particular week, ending on a slightly better 1.6170 as a result. But there was still no real sign that the pound was in control and anything could and probably would happen from here on in. Indeed just one day into the next week and we saw an improvement to 1.6375 so perhaps this was going to be our week for success. We were getting closer to the end of the month now so we were eager to see a renewed vigour from the pound if at all possible.
Unfortunately it was not to be, as the pound couldn’t sustain this performance for much longer than just a few hours. The pound eventually closed out the week on a dismal 1.6079 – a long way from the impressive figure of a few days previously. The end of the month wasn’t much different either, and we closed it out on 1.6076. Better luck next time perhaps – and maybe we can sustain it for longer.