Posted by Allison on 18 September 2012, 11:34
As July came to a close, the pound stood at 1.5705 against the Canadian dollar. Anyone hoping for a positive start on day one was disappointed as the pound dropped to 1.5644 at the end of the 1st August. Indeed the first week was disappointing all round as the exchange rate between the pound and the dollar fell further to 1.5597.
It soon became clear that the first half of the month was not going to be an easy ride for the British pound. Fast forward another week and we find ourselves looking at an exchange rate of 1.5509, losing the best part of a cent in the process. The pound was certainly giving itself a challenge to meet if it was going to finish the month better than it had started.
However the beginning of the following week did produce some good news. The pound managed to push up to close out Monday evening on 1.5563. Another small improvement the following day gave out to a loss on Wednesday, bringing the pound back down to 1.5557. Unfortunately the closing rate for that week was lower still, falling to 1.5532 in the process.
So maybe this would be a month that didn’t turn out as we’d hoped. But there were still a few days to go and indeed the coming week would turn out to be something of a surprise. After a marginal drop on day one, day two turned up a small increase to 1.5538. Even at this point it would be hard to imagine improving to 1.5734 by the end of the week, but this was in fact what happened. This made an increase of just over two cents since the same time the week before – a success to be sure.
The last few days of the month provided some ups and downs to contend with, but the pound still managed to finish on 1.5701, not far from where it had begun several weeks before. It had been an interesting journey.