Can the Pound Get the Better of the European Single Currency?
Posted by Allison on 16 July 2011, 15:24
The Euro has been through many ups and downs of late, and arguably more downs than ups. So how would this affect the exchange rate with the British pound as the two went up against each other on the currency converter during June?
Well it was a poor start for the pound because by the time we reached the end of the first week we had fallen to 1.1267. This was more than just disappointing – it made us worry about where the pound would end up once the entire month was over with.
The following week saw a week-long low of 1.1199, but fortunately this did not occur on Friday evening. Instead Friday would be closed out with a rate of 1.1256, so at least we were heading back in the right direction again. The big question now was whether we would be able to keep going, or whether we’d have to suffer once more as the month went on.
The following week was actually a lot brighter for the pound. It managed to do rather well and although there were some ups and downs during the week it did manage to finish on 1.1330. Not the best result we have ever seen by a long shot, but it was an encouraging result that we would be grateful for.
Unfortunately though it did not seem as if the good news would last until the end of the week. Indeed the lowest rate we got in the following week was a disappointing 1.1196. We were starting to get the feeling we had seen the best performance from the pound already this month. It didn’t seem as if it had what it would take to sustain a good result for the remainder of the month.
That final whole week ended on 1.1254 for the British pound against the Euro, but there were still a few more stray days to go until June gave way to July. Would we be able to do anything with them? Unfortunately no, and in fact we finished in even worse shape on 1.1079 as a result.