Could The Pound Take On The Swedish Krona And Win?
Posted by Allison on 16 November 2009, 11:37
It’s an intriguing question, and one that we are about to answer for the month of October. The Swedish currency is one that sometimes gets forgotten in the shuffle between the Euro and the more highbrow Swiss franc, so let’s see what the pound could do against it during October.
Our closing rate at the end of the first day of the month was 11.186, so we had this to build on from the beginning. But we didn’t manage to do much building in the one day of the month that remained to us at this point, since we finished up on 11.174 the following day.
However it was early days, and the following week kicked off with a better result, leaving us on 11.234 as the day drew to a close. But while the first full week of October had its notable ups and downs, it didn’t go the way of the British pound in the end. A quick glance at the currency converter tells us that the Swedish krona got the better of us, and we finished that Friday night with a rate of 11.135.
The low of the following week happened earlier on though, on Tuesday, when the pound could only muster up an exchange rate of 10.989. Luckily for us we did better at the end of the week, when the closing rate had crept up to a much better 11.396.
The week beginning the 19th October turned out to be rather intriguing too. The first rate we had at the end of the Monday was 11.372, and there was barely any change the following day. However the British pound then leapt to a week long high of 11.460 a couple of days later, although it clearly peaked too early. All it could manage to lay claim to as Friday sent everyone home for a couple of days off was a pitiful 11.157. The question now was whether we could improve on this and try and get a better result to close out the month with. The month itself was steadily drawing to a close.
But after dropping even lower on Monday night to 11.094, the rest of the final week got steadily better. There was a lot we could do with those last few days, and indeed we did do it. Every single day saw an improvement by the British pound as it finally took on the Swedish krona with some confidence. By the time the week – and the month – was done with, we had managed to claw our way back to a stronger rate of 11.619.
But where did that leave us overall? Well we had actually managed to add on a small amount and we achieved an increase in total of 0.433. So all in all it was a good month for the pound against the Swedish krona, even though we had our moments when it looked like things would go the other way. Here’s hoping it continues in our favour.