Posted by Allison on 16 July 2010, 13:58
This is a question you may have been asking yourself if you wanted to start thinking about a holiday in Cuba in the near future. It’s holiday time again after all, which is why we thought we would take a look at our standing against this particular currency on the currency converter.
As the month got underway we were left with the closing rate from May to begin with. This was 1.3864 so anything better than this would provide us with a good solid start to the month.
We didn’t have to wait long to get the results we wanted, as by the 3rd the rate had gone up to 1.4034. It slipped back ever so slightly to close out the week on 1.3926, but this was a reasonably good start and we had made some ground already.
The following week saw an immediate drop to 1.3865 but luckily for us the British pound had more strength than the Cuban peso at that point. We steadily made back the ground we had lost over the remainder of the week, closing out on Friday night on 1.3980. Once again this represented a small gain from the previous week’s closing rate, so that was something to celebrate for starters.
By the time Monday 14th was done and dusted, the pound had gained more ground over the Cuban currency, achieving a closing rate for the day of 1.4095. Two days later this was upped to 1.4104 and while we dropped the ball slightly the following day, we made up for it at the end of the week. The closing figure on the 18th was an impressive 1.4153.
So we were about halfway through the month now and we’d made some good progress so far. The Cuban currency was certainly on the back foot as far as the pound was concerned, so we wanted to make sure we could keep it up. By the time the 24th came and went we had gone even higher and claimed an exchange rate of 1.4322. This was going to be a good month all in all, and with just a few more days of the month to go it was understandable that we felt confident in our success.
We managed to press on and achieve a rate of 1.4389 as the markets closed on the 29th, but unfortunately we couldn’t quite keep that up for the final day of trading in June. Instead we lost a tiny bit of ground and finished up on 1.4351 to close out the month.
So all in all, this was a very successful move forward for the British pound. From the start of the month we managed to increase the value of the pound against the Cuban peso by 0.0487. This was a good success for the currency and hopefully we shall be able to build on it as we go into July as well. This could be a good time to plan that Cuban holiday, couldn’t it?