Could The Pound Tackle The New Zealand Dollar?
Posted by Allison on 21 March 2010, 04:36
We take a look at the way the pound is going up against the New Zealand dollar in our weekly currency reports. But it is sometimes better to take a step back and see how the pound performs over the course of a whole week instead. This is because it gives us a better picture that we cannot deny. But is it a picture we want to look at or not?
As the markets closed on the first trading day of February, the pound grabbed a total of 2.2602 New Zealand dollars. But we have seen rates far higher than this in the past so let’s hope we can do something to regain that kind of territory now.
The exchange rate would have dropped steadily on your currency converter over the next couple of days though, landing on a lower rate of 2.2437 by the Wednesday evening. All was not lost for the week though because the pound put in a great performance the next day to achieve a rate of 2.2768 instead. The week closed slightly down on 2.2744 but this wasn’t enough to dampen the achievement over that first week.
The New Zealand dollar came back on Monday and managed to chip away at the previous week’s achievement by the pound, pushing it back a little to 2.2730 in the process. By the following day it was down to 2.2577 though, which made us wonder whether everything of a good variety had already happened for the month. There was still a long way to go though, and anything could happen yet.
There was a slightly worrying drop to 2.2373 the following day but then the pound bounced back once more to finish the week on 2.2506. This was still a bit different from where we were a week earlier though.
But the following week was the one that really told the tale of the month. On Monday evening the pound found itself on 2.2487, and that put in place a loss that would replicate itself over and over. One day later we were down to 2.2307 and even though the following day saw a slight increase it was hardly enough to register all in all.
By the end of that week the British pound could only lay claim to 2.2175 New Zealand dollars – and that was a far cry from the rate of 2.2602 we had achieved by the end of the first day of the month. We still had one week’s worth of trading to come though, so perhaps we could remedy the situation before the month was out.
Unfortunately we should perhaps have known that this would not happen. The high point that week was when we grabbed a rate of 2.2322. This was a good improvement but it was not one we could hang on to. By the penultimate day of the week we were on 2.2180 and then it was down to 2.1898. This was clearly not our best month at all.