Posted by Allison on 26 August 2010, 12:12
This is always an interesting pairing to look at, especially since the British pound has firmly moved away from the danger zone of parity and achieved a better exchange rate against the Euro. How did it do in July though?
It started off with a rate of 1.2233 to close out June with, but unfortunately this didn’t help us as the month of July got off to a poor start with a drop to 1.2118. Was this the way the whole month was going to progress on the currency converter, with the Euro taking the main stage?
The 3rd seemed to point to a temporary drop as we regained some ground to finish on 1.2233. But the week as a whole ended on 1.2020 so clearly there was some thinking to do here. Would the British pound struggle throughout the month or would it be able to come up with something better?
When we next got back into play on the currency markets the pound managed a tiny increase to 1.2022. It was better than nothing but we somehow felt that any gains this month were going to be hard fought. This was borne out the following day when we dropped to 1.1986, and after another drop the following day we eventually closed out the week on a disappointing 1.1829.
So far then the pound had seen a poor start to the month, with the first half definitely going in favour of the Euro. The question now was whether the tide would turn and the pound could change things around and finish off more strongly.
The first day of the subsequent week didn’t look good, as the British pound finished it off on 1.1788. It seemed as if the only way we could move was downwards, and it didn’t bode well for the month as a whole. Perhaps the Euro would just be too strong for us this time around?
Things looked up a bit on the 21st as we claimed a rate of 1.1912, and the same week actually finished on 1.1944. But was it too little, too late for the pound as we advanced steadily towards the closing stages of the month?
The 26th saw another little hop up, this time to 1.1986. This was followed by a fall to 1.1930, and then another jump up to 1.1991 the following day. But despite all these little moves in either direction we couldn’t seem to be able to get above the 1.20 mark again. The 1.2233 we’d started off with seemed too far away by now.
This did indeed turn out to be the case, and by the time the month came to an end the best the pound could do was to claim 1.1977 against the Euro. So we can only hope for something a bit better during August, as we try to get back above the 1.20 rate once more. Perhaps we’ll be luckier next time around?