Posted by Allison on 15 February 2010, 10:54
Quite often we focus on how the pound has been doing against some of the world’s biggest currencies. But every now and then we look at another currency which is perhaps not as widely known. The Barbados dollar is one such currency, so let’s see how the British pound performed against it during January.
At the end of December 2009 the British pound was worth the equivalent of 3.2442 Barbados dollars. And as the first trading day of the New Year dawned, it seemed as if first blood was going to go to the Barbados dollar, with an exchange rate of 3.2104. But if you were watching the exchange on your currency converter, you would have needed to prepare yourself for a few more changes before this first month was out.
Things dropped steadily for a few days, bottoming out at 3.1796 before the pound finally got its teeth into things and started turning them around. The following day it managed to end the week on a positive note with a renewed energy and increased exchange rate of 3.1919.
It still had a way to go before it could regain the territory it had been on at the start of the month, although the very next day it made a concerted effort in that direction and finished up on 3.2167.
This was obviously going to be a week to remember because the very next day it surged up to 3.2268, followed by another great push the day after which left it on 3.2556. This was on the 13th of the month, and although that day proved lucky for us the day after obviously didn’t. This was when we dropped back against the Barbados dollar and finished up on 3.2216. Could we regain our original stronger position now or was it too late?
Luckily it wasn’t too late – and in fact the pound had much more to offer. This week finished on an impressive 3.2638 against the dollar, and with a fresh week yet to come, things were looking good.
They didn’t look good on Monday though since the final rate of the day turned out to be a somewhat embarrassing 3.1864. All was well again the next day though as that rate charged up to 3.2671. This seemed to be the pattern that was in store for us for a while, since the ups were punctuated by significant downs and you never quite knew what was coming next.
That week ended on a lower rate of 3.2263, but after all the highs and lows we had seen so far it was conceivable that we could end up with a better rate again very soon. Indeed this was exactly what happened on the 28th, when we finished on 3.2501. But unfortunately with just one more day of trading to go, we finished up on 3.2221 at the end of the month.
So with all that drama the pound actually finished up lower than when it had started – losing 0.0221 in all.