Is it Downhill for the Pound Against the Euro?
Posted by Allison on 18 March 2011, 10:37
On the 1st February the pound ended the day on 1.1715 against the Euro. The picture between these two has been nothing if not interesting over the last few weeks. You can never quite tell which way the seesaw will tip next.
The pound ended that week on 1.1803, but the first day of the following week saw it go up to 1.1901. However it didn’t last long – it slipped to 1.1784 the following day.
This readied us for an up and down month during February, and indeed we did see some seesawing on the currency converter as the amounts went up and down. But which currency would end up on top?
By the 15th of the month it looked as though we had some hope of seeing the pound win through for the month. This was due to a day ending rate of 1.1940, a good success for the currency for sure. But how long would it last and which way would things go next?
That particular week finished on 1.1911 but there were more changes yet to come, and still more trading days where anything could and might happen. Indeed by the end of the following week the pound had lost enough ground to make us double check the figures we had found – this time it was on a rate of 1.1691.
We were nearing the end of February now and there seemed to be little the pound could do to regain proper control. Perhaps this would be the month that was good for the Euro, which itself had problems in an uncertain Europe. The pound did manage to recover a little bit of ground before the month ended though, resulting in a final figure of 1.1726.
However perhaps more intriguing was the pattern of exchange rates that took us from February and into the first two weeks of March. If we were hoping that the slight comeback at the end of February was a good sign, it didn’t carry through. Instead the pound was on 1.1548 by the middle of the month.