The British Pound Looks for a Better Result Against the Hong Kong Dollar
Posted by Allison on 16 June 2012, 06:32
At the end of April the British pound had finished the month on 12.611 against the Hong Kong dollar. We were looking for a good start to May against the currency but unfortunately things went in the opposite direction when the pound fell to 12.545. So was this a sign of things to come or was it merely a slow start for the British currency?
The first week finished on a slightly better note as the pound crawled up to 12.553 but we were still hoping for better by the time the month was out. The first day back on the following week saw the pound drop though, finishing Monday evening on a rate of 12.544. This was followed by a dip midweek before the pound fought back to take things to a closing rate on Friday night of 12.511.
Unfortunately a midweek dip would have turned out to be the best outcome the following week, as things took a very different turn for the pound. In this case the pound fell back to a weaker position in the first half of the week, but it didn’t recover in the second half. Instead it slid still further against the Hong Kong dollar and ended Friday evening on 12.283. Was there still more bad news to come? Would the Hong Kong dollar prevail over the British pound this month and be the currency that would end May in a stronger position? We still had a couple of weeks to fight back and try to regain a stronger footing, but there was a lot of hard work to do if this was to happen.
Monday 21st May saw the pound get off to the worst start that week, as the currency slid back to 12.259. Even though it recovered to a marginal extent on Tuesday, the pound couldn’t do much more than that. It finished the week on 12.169 and with just a few more days left of the month we didn’t hold out much hope of doing better. Indeed the final rate in May was 12.039 – a significant drop all in all for the pound versus the Hong Kong dollar.