An Interesting Ride for the Pound Against the Swiss Franc
Posted by Allison on 15 September 2011, 09:57
The Swiss franc is often seen as quite a strong currency. It certainly has the air of standing its ground when the Euro seems to be approaching from all corners. But how did the British pound stand up to the Swiss franc on the currency converter last month?
The opening rate for August was 1.3051 and this immediately suffered a drop to 1.2813 by the end of the first day. Was this a bad omen for the month ahead or was there more to consider? The bad omens certainly seemed to be winning because the exchange rate continued to drop for the pound, ensuring that we finished the first week of August on a much lower rate of 1.2481.
So where would we go from here? Was there room to climb or to fall still further?
A particularly low point came on the 10th as we fell further to 1.1818. However this appeared to be rock bottom – for that week at least – because the following day saw us begin to climb to new heights. Just two days later we were finishing the week on 1.2533. This at least was a better state to be in than we had feared.
The first day of the new week saw another leap in the right direction as we soared to 1.2923. We repeated the feat the following day with another leap to 1.3105, and although we dropped back slightly to 1.3039 to close out the week we were still in good shape.
The following week saw the British pound go through a number of ups and downs. It tried to hang on to the better heights it had achieved the week before, but it was struggling to do so. After a see-saw week it finished up on 1.2937 with just a few short days to go until the end of the month.
Finally we finished up on 1.3177, which was slightly better than the 1.3051 we started out with. This was not as impressive as we had hoped for, but it was an improvement nonetheless.