Did The Chinese Yuan Get The Better Of The British Pound During November?
Posted by Allison on 15 December 2009, 14:07
We’re going from a standing exchange rate of 11.3059 on the last day of October here, so there is plenty to look at during the month of November. How did the pound fare against this particular currency?
Well if one thing was for certain it was that this would be an up and down affair. Just two days after the British pound started off worth 11.3059 against the Chinese currency, it sank back down to 11.1659. That didn’t bode well for what was to come, and yet by the end of that week the figures on the currency converter stood at 11.3244 instead.
The 9th November in the following week went well too, finishing on 11.4465. And although it dipped down to 11.3226 that week the British pound still managed to pull back slightly to 11.3877 by the close of play on Friday night.
It was still early in the month though and anything could still happen. And anything certainly did in the following week as we were taken on a rollercoaster ride of changes that were at times hard to keep up with. For example by Monday evening we were up to 11.4171, and just twenty four hours after that the pound had jumped up again to 11.4577. That was an impressive increase of 0.0406 in a single day.
So we were understandably pleased when the following day showed another jump up to 11.4795. But what happened next showed that it is never too wise to start celebrating before the week as a whole is finished. This was because two drops over the next two days left the pound on just 11.2499 on Friday night. What a difference a couple of days can make when it comes to the currency markets.
Could we rectify matters in the final week of the month though? Things looked promising on day one of that week as we finished on a better rate of 11.3497. And even though we dropped back to 11.3197 the very next day we achieved more still on Wednesday. By the end of the 25th we were claiming an exchange rate of 11.4023.
But once again we were to learn the perils of celebrating too early. There may only have been two days left of the month, but they left us on 11.2933 and 11.2051 in turn. And that meant a big loss – and it also left us wondering what would happen on the last day of trading in this topsy turvy month.
It ended as it had begun, with another jump in the exchange rate. This time – thankfully for the pound – it went in our favour and we finished up on 11.2516 as November gave way to the last month of the year. We had lost out on 0.0543 in total during the month, so it hadn’t exactly been a success. But given the figures we had seen at times during November, it could have been a lot worse too.