Posted by Allison on 16 January 2010, 15:25
Looking at the exchange rate between the British pound and the New Zealand dollar can be fascinating. Sometimes there can be a huge difference between the two over the course of just a short amount of time. And this became evident as 2009 came to a close.
The starting rate was 2.3058 so we were aiming to improve on that if we could. The very next day we were looking at a lower rate of 2.2826 on the currency converter though, so it wasn’t exactly the best start to the month. The next day we were back up to 2.2937 however, so things were looking up once again.
The first week in December finished up with an exchange rate for the British pound against the New Zealand dollar of 2.2961, so we were still down on the week but at least we weren’t as low as we had been a couple of days previously.
We managed to get up to 2.3013 on the 7th, but that was as good as the week would get. The closing rate for the week as a whole was a much lower 2.2398, so this wasn’t going to be a good month if things continued in the same vein.
The first day of the following week started to look better though as the pound put in a good performance during the day to finish up on 2.2426. That performance continued the following day as we improved our position to claim 2.2525 by the close of trading. Could we continue to do the same? Indeed we could, and the next day closed on 2.2734 as a result.
And we managed to hold our position to close out the whole week as well. By the time Friday evening arrived the exchange rate stood at 2.2803, so there was plenty to celebrate then.
Those celebrations turned out to be short lived though, because by Monday evening the New Zealand dollar had pushed us back down to 2.2692. We picked up to 2.2724 the following day but it wasn’t enough to keep up any kind of momentum against the New Zealand dollar. Christmas Eve finished up with the pound claiming 2.2636, and things were not going to get better as the New Year approached.
The 28th closed with a rate of 2.2533 on the cards, and the 29th turned out to be a day we would rather forget. This resulted in an exchange rate of 2.2218 and it dropped even further to 2.2089 the next day.
It was too much to hope for that we could improve the situation markedly by the time the year was up, but we did at least manage to add a bit on and finish on 2.2298 all in all. We had still lost out on 0.076 through the month though, which wasn’t good at all for the British pound. We can only hope that the New Year brings better luck than the closing days of the old one.