Did the Pound Do Well Against the Icelandic Krona in July?
Posted by Allison on 13 August 2012, 14:28
When June came to an end, the British pound was worth 195.763 against the Icelandic krona. This is often an interesting pairing to look at, because we can sometimes see quite notable differences in the space of just a few days. For example by the 2nd July the exchange rate was up to 196.104 and just three days later the pound had pushed that up to 197.282.
So was this going to be a one sided affair during July, or would the Icelandic krona find something to push back with at some point? Let’s see how the rest of the month panned out.
The first week of July ended with the pound riding high on 198.810. Indeed, the following week saw more good news for the pound as it pushed harder to achieve more against the krona. By the time the week was up the exchange rate had gone higher still, to 199.119.
The first day of the next week – the 16th – saw a strong day for the pound, ending on 199.808 as a result. However it looked as though cracks were starting to appear at this point, as the closing rate the following day was 197.725. Was this the start of a downward slide for the pound? It looked as though that would be the case, as the week ending rate for the currency turned out to be 195.656. However if you cast your eyes back to the opening rate for the month, all that’s happened is that we were now back to square one.
This wasn’t the case the following day though, because that was when the pound fell further to 193.254. Unfortunately there was more bad news in store as well, because that drop seemed to lead to even more falls afterwards. Indeed the Icelandic krona ended the month in much better shape than the British pound, which saw out July on a poor 189.227. Hopefully we can rectify this in the months to come, but we’ve certainly got our work cut out for us.