Posted by Allison on 18 March 2011, 10:37
If we wanted to see a good result here we would certainly have to work for it. By the time the markets closed on the 1st February the British pound was worth 1.6114 US dollars. So could we try and improve on that or would we see disappointing figures on the currency converter?
By the end of the first week we were slightly further back on 1.6089. Not a good sign for the start of the month, but it was still fairly early days. Indeed we pushed that up to 1.6130 early on in the following week before losing ground and ending the week on a fragile 1.5991. Where would the pound go now, we asked ourselves – up or down?
The subsequent week did take some effort for us to find some good results, but we ended up finishing on a good note. The pound had pushed back against the US dollar and managed to record a closing Friday night rate of 1.6232 in the process.
But what a difference a week can make, especially in the currency markets. By this time we were fast heading towards the end of the shortest month in the year, and we achieved a rate of 1.6090 at the end of the next week. However we did bounce back and by the time the month was over and done with the pound had managed to add some more energy into the mix. It finished February with a rate of 1.6221 against the US dollar.
The big question now is whether it could carry on pushing against the dollar as March got underway. The first week looked reasonably promising as it ended on 1.6265, but the gains were very small ones and we couldn’t continue to push them through either. In fact by the time Friday 11th March rolled around the pound had stalled on 1.5992. This was quite a loss from the previous Friday, so we can but hope that we can improve on this in the days and weeks to come. The answer as yet remains unknown.