Could The Pound Perform Well Against The Aussie Dollar?
Posted by Allison on 25 November 2010, 12:00
When September came to an end the British pound was producing an exchange rate of 1.6361 against the Australian dollar. Hopefully we would be able to produce better figures than this as we progressed through October on the currency converter, but it remained to be seen whether this would actually be the case.
We had just one day to go until the new month began, and it saw a drop to 1.6267 to close out the week with. It wasn’t much of a start but then we had only seen a single day of trading thus far. What else would be in store as we progressed from that point onwards?
As it turned out the following week began with two good results that took the British pound to 1.6543 by the 5th. But we had little time to celebrate as the following day saw a marked fall back to 1.6297. Clearly this was not going to be a good time for the pound, and nothing would be won without a battle going on. The week ended on 1.6286 as a consequence of these ups and downs.
The following week saw another tussle between the two and another significant low point of 1.6032. Fortunately this didn’t happen on the Friday night and we did manage to pull ourselves back to finish the week on 1.6116. At least we didn’t lose too much over the course of another week on the currency markets.
But if there were still new depths to be plumbed they were going to be reserved for the following week. After a couple of days had gone past we were on a rate of 1.6078 instead and the Australian dollar once again had us on the ropes. This was not going to be a pretty battle, and it certainly wasn’t one that had us performing too well out of the pairing either. We fell down to 1.5960 that week before creeping back over 1.60 to finish off in a slightly better state than we could have done.
Monday 25th finished up with the pound losing more ground though, leaving us on 1.5805 at the end of the day. We were getting towards the end of the month now and if we were going to have a halfway decent result to report, we were certainly leaving it very late to achieve the result we wanted. But we still had some energy left for sure, because the very next day saw us achieve 1.6089 by the close of play.
There was more to come too though as we took the Aussie dollar completely by surprise. Over those last couple of days we managed to drag ourselves up by the bootstraps to finish on 1.6366. This seems incredible given the lacklustre performance achieved before this, but we can take a good result when we get it. Hopefully this will be the first of many more promising results for the British pound from today onwards.